News von den Mitgliedern

We are very pleased to invite you to the Yearly Update on Vertical Agreements (from a competition law perspective) organized by the Distribution Law Center, an association to which Mușat & Associații has been exclusively invited to participate as the Romanian contributor starting 2021.

Join us for a 2-hour online lunch session, during which our experts will explain what you need to know about developments in EU and national distribution law in the past year.

PROGRAMME

13:00-13:10 Bucharest time (12:00-12:10 CEST): Welcome and introduction by contrast

13:10-13:40 Bucharest time (12:10-13:40 CEST):  What business needs to know about the latest developments in EU and national distribution law (2024–2025). This year’s update covers the following topics, illustrated by key cases:

1. Resale price maintenance: 

Garland (CZ) - 🎤Havel and Partners
Lutec (HU) - 🎤SBGK
Jura/Empire Brands (PL) - 🎤Modzelewska & Pásnik

2. Customer and territorial restrictions: 

Pierre Cardin (EU) -  🎤Arntzen De Besche
Beevers Kaas (EU) - 🎤contrast
OKI (RO) - 🎤Musat & Asociatii

3. Selective distribution: HP (NL) - 🎤Banning

4. Territorial Supply Constraints (EU) - 🎤Divjak Topić Bahtijarević & Krka 

14:40-15:00 Bucharest time (13:40 - 14:00 CEST): Q&A

PRACTICALITIES

📅 Date: October 16, 2025
⏰ Time: 13:00 - 15:00 Bucharest time (12:00 - 14:00 CEST)
🔗 Platform: Teams
💰 Participation is free

HOW TO REGISTER?

Join the Yearly Update on Verticals by registering via this button. We look forward to meeting you online!

The litigation team of Reff & Associates | Deloitte Legal has assisted Cerealcom Dolj SRL, one of Romania’s leading grain producers and exporters, in connection with an arbitration held in London under the auspices of the prestigious international association GAFTA (Grain and Feed Trade Association), in a dispute with a Saudi Arabian entity regarding a multi-annual contract for the production and sale of 1.5 million tonnes of Romanian wheat, with an estimated value of more than USD 400 million.

The GAFTA Tribunal confirmed the validity of the contract and found that the Saudi partner had fundamentally breached its obligations in respect of the 2024 and 2025 harvests, as well as those relating to the advance payment for the 2023 harvest. At the same time, the court held that the Romanian party complied with the contract and was therefore entitled to suspend deliveries as a result of these non-payments, rendering the Saudi company’s decision to terminate the contract invalid. In addition, the tribunal dismissed in full the claims brought by the Saudi company, amounting to nearly USD 25 million, and confirmed Cerealcom’s entitlement to claim damages for the losses caused, the amount of which will be determined in separate arbitral proceedings.

Although the decision of the tribunal constituted under GAFTA rules may be subject to appeal, Cerealcom is entitled to immediately initiate legal proceedings to establish the amount of financial compensation for the losses suffered as a result of the Saudi company’s fundamental contractual breaches.

In this arbitration, Cerealcom was assisted by a consortium comprising the London law firm Mishcon de Reya, with a team led by Greg Falkof, Partner, who provided representation and advice on English law, and Reff & Associates | Deloitte Legal, through its litigation team coordinated by Mihnea Galgoțiu-Săraru, Partner, and including Alina Stan, Senior Managing Associate, and Sorin Sîrbu, Senior Associate.

“We are honored to have contributed, through the expertise of our team, to this significant victory for a leader of Romania’s agricultural sector and to strengthen, through this success, the position of Romanian exporters on major international markets, such as those governed by GAFTA rules,” said Mihnea Galgoțiu-Săraru, Partner at Reff & Associates | Deloitte Legal, Leader of the Commercial and administrative dispute resolution practice.

“We welcome this ruling with great satisfaction, as it confirms the correctness of our position and acknowledges the efforts made by the company in honoring the contract. Cerealcom remains a reliable partner, committed to fulfilling its obligations and expecting the same level of responsibility from all its collaborators,” said Mihai Anghel, Chief Executive Officer of Cerealcom Dolj SRL.

With a team of 86 lawyers specialized in the main areas of business law, Reff & Associates | Deloitte Legal is one of the leading law firms in Romania and a member of the global Deloitte Legal network, which brings together more than 2,500 lawyers in 80 countries.

The litigation practice of Reff & Associates | Deloitte Legal comprises nearly 30 lawyers and takes a distinctive approach to the full spectrum of business disputes, including commercial and administrative disputes, international arbitrations, tax cases and public procurement procedures. The team works closely with professionals across all Deloitte practice areas, including tax and financial consultants, as well as risk management and digital transformation experts, in order to deliver comprehensive and innovative solutions to clients.

For more information about Reff & Associates | Deloitte Legal, please visit www.reff-associates.ro. For more information about the global Deloitte Legal network, please visit www.deloittelegal.com.

The team of lawyers from STOICA & ASOCIAȚII, consisting of Valeriu Stoica (Founding Partner), Victor Dobozi (Senior Partner) and Mihai Trandafir (Managing Associate), recently achieved an important victory for its client, a partner in a group of companies in Brașov, in a criminal trial involving over 80 defendants.

After a criminal trial lasting over 10 years, characterized - during the criminal investigation by multiple violations of the procedural rights of the accused by the the Prosecutor’s Office attached to the Brașov Court of Appeal, in which several tax evasion offences were artificially detained and investigated, the lawyers of STOICA & ASOCIAȚII carried out extensive procedural and substantive defenses in the cassation appeal stage.

Essentially, the illegality of the appeal decision, which had imposed a 6-year prison sentence on two of the associates, was successfully invoked. Following the admission of the cassation appeals for the client, a final acquittal was ordered.

The decision handed down by the High Court of Cassation and Justice represents both an end to the judicial abuses carried out over the last 10 years against the persons under investigation and a reaffirmation of the principles applicable to criminal proceedings, legality, loyalty, and impartiality, principles from which no one can derogate, not even the criminal investigation authorities.

Established in 1995, STOICA & ASOCIAȚII has gained national and international recognition in the world of law and business, through its entire activity of legal assistance and representation of a vast portfolio of clients. From its foundation to the present day, the lawyers of STOICA & ASOCIAȚII have proved to be a strong team, founded on the respect of its principles: Fidelitas, Integritas, Fortitudo. STOICA & ASOCIAȚII has acquired an excellent national and international reputation. Its professional performances are recognised in the most important legal guides: Chambers Europe, Legal 500, WTR 1000, IAM Patent 1000.

The total modern stock of industrial and logistics spaces in Romania is rapidly approaching the 8 million sq. m threshold, as more than 60% of the current stock is situated in projects located within a maximum 1 - hour drive from Bucharest, while Moldova and Oltenia remain the least developed regions, but with high potential to recover the gap considering the development of infrastructure, according to the Romania Industrial & Logistics Market report produced by the Cushman & Wakefield Echinox real estate consultancy company.

Approximately 4.6 million sq. m of the existing 7.75 million sq. m of industrial and logistics spaces nationwide at the end of H1 2025 have been built around Bucharest, Ploiesti, and Pitesti.

Meanwhile, Timisoara, Brasov, and Cluj have consolidated their positions as regional industrial hubs over the past year and a half, as the parks located near these cities correspond to 1.7 million sq. m, representing more than 20% of the national stock.

Bucharest and the five regional cities – representing the Bucharest - Ilfov, South - Muntenia, West, Center, and North - West regions – account for more than 80% of Romania’s industrial and logistics stock.

Bucharest - Ilfov has a robust share of 47.4%, followed by West (15.1%), South - Muntenia (11.4%), Center (9.4%), and North - West (8.8%).

On the other hand, South - West Oltenia (3.6% share), North  - East (2.8% share), South - East (1.6%) are the least developed regions, as the stock in the abovementioned areas, which together account for almost 40% of Romania’s population, hold a combined share of less than 10% of the total stock of industrial and logistics spaces.

The current under construction pipeline at national level totals approximately 440,000 sq. m, out of which more than 80% are located in Bucharest - Ilfov. North - West, North - East, and West are also areas of interest for developers, with 17% of the spaces to be delivered targeting the Moldova and Transylvania historical regions.

The transactional activity remained solid, with companies leasing approximately 1.4 million sq. m between 2024 - H1 2025.

764,000 sq. m of new spaces were delivered nationwide during the same period, as the vacancy rate reached a low level of 5.8%, thus offering development opportunities even in areas with limited modern industrial and logistics stocks.

Bucharest - Ilfov had the highest share in the leasing volume over the past 18 months (62%), followed by the West (16%) and North - West (8%) regions.

The largest owners of industrial and logistics spaces are CTP and WDP, which have cumulative portfolios of almost 5 million sq. m, thus controlling almost two-thirds of the market.

Moreover, other developers, such as VGP, ELI Parks, Logicor or Oresa Industra are showing a growing appetite for expansion, while we are also witnessing the development plans of new players on this real estate market segment in Romania, players such as Garbe, Hillwood, or Lion’s Head, who have secured land for future industrial parks.

Stefan Surcel, Head of Industrial, Cushman & Wakefield Echinox: “The net demand for industrial and logistics spaces remains robust, fuelled by the ongoing expansion of tenants active in retail, e-commerce, and manufacturing, who continue to seek modern, well-located facilities, an aspect confirmed by the fact that the 10 largest leasing transactions in the past 18 months were completed by companies active in these sectors. We expect the absorption levels to remain healthy going forward and also the regional markets to gain ground, both in terms of demand and new investments, thereby helping to reduce the existing gap between Bucharest, Transylvania, Banat, and the Moldova and Oltenia regions, for example.”

Cushman & Wakefield Echinox is the exclusive affiliate of Cushman & Wakefield in Romania, independently owned and operated, comprising a team of over 80 professionals offering a full range of real estate consultancy services to investors, developers, property owners, and tenants. For more information, please visit www.cwechinox.com.

Cushman & Wakefield is one of the world’s leading providers of commercial real estate services, with 52,000 employees in nearly 400 offices across more than 60 countries and revenues of USD 9.5 billion. The company’s main services include asset and investment management consultancy, capital markets, leasing, property management, tenant representation, project services, and valuation. For more information, please visit www.cushmanwakefield.com.

Reff & Associates | Deloitte Legal strengthens its team by promoting 23 lawyers, effective as of September 2025. Silvia Axinescu, Ovidiu Balaceanu, Patricia Enache, Ana Galgotiu-Sararu, Simona Iacob, Gabriela Ilie, Bogdan Marculet and Larisa Popoviciu have taken on the role of Counsel, Roxana Bratosin, Maria Nitulescu, Fraga Varadi and Andreea Zaharia became Senior Managing Associates, Danut Arion, Anca Belciu and Miruna Stanciu were promoted to Managing Associates, while Andrei Banescu, Calina Bichescu, Alexandra Mihailov, Andreea Nae-Caragea, Andreea Pantofaru, Sorin Sirbu, Alexandru Tinica and Sebastian Toader are now Senior Associates.

"I am delighted that we have so many colleagues taking a further step up in their careers this year, and I congratulate them for the qualities and achievements that have propelled them to the next level. We are proud to offer an environment enabling personal development and career acceleration, but also a culture in which these represent not only individual aspirations, but the very expectation of the organization from each colleague. I would like to thank them all for the professionalism and commitment they show in each project and initiative, for contributing to the constant growth of our team, of our expertise and our reputation," said Alexandru Reff, Country Managing Partner, Deloitte Romania and Moldova.

Reff & Associates | Deloitte Legal, with a team of 86 lawyers specialized in the main areas of practices of business law, is recognized as a leading law firm in Romania for the quality of services and ability to deliver solutions on complex legal matters. The areas of practice include banking and finance, competition, employment, energy and environment, insolvency, legal management consulting, litigation, corporate, mergers and acquisitions, public sector and real estate, as well as optimization of legal processes and the adoption of new technologies. The firm represents in Romania Deloitte Legal, a global network with more than 2,500 lawyers in 80 countries.

For more information about Reff & Associates, please visit www.reff-associates.ro. For more information about the global Deloitte Legal network, please visit its dedicated web section.

Bucharest, 25 September 2025 – bpv GRIGORESCU ȘTEFĂNICĂ announces its partnership with LEGORA (https://legora.com/), the leading collaborative AI platform for lawyers, implementing the technology across several practice areas. As Romania’s most prominent firm in the sector of Technology, Media and Telecoms and the first firm to adopt this platform, bpv GRIGORESCU ȘTEFĂNICĂ continues to pioneer industry innovation. Following comprehensive evaluation, the firm chose Legora for its superior performance, reliability, user friendliness and seamless team integration capabilities. This strategic investment enhances the firm’s capability to deliver outstanding client services while positioning it as a market innovator.

Legora’s user-friendly design integrates seamlessly with existing workflows, enabling lawyers to focus more time on meaningful work while accelerating execution speed. Automation of routine tasks and administrative processes allows lawyers to free up time and direct their expertise toward the sophisticated legal reasoning that creates value for clients. The platform’s security architecture safeguards confidential client data throughout all automated workflows.

“Our commitment to remaining at the forefront of the industry drives us to continuously embrace new technologies that benefit our clients,” said Cătălin Grigorescu, Managing Partner at bpv GRIGORESCU ȘTEFĂNICĂ. “We have gone through an extensive evaluation process of several solutions and found Legora to be best at enabling our lawyers to focus on substantive work that employs their specialized knowledge. Technology transforms how we approach legal challenges, allowing us to provide more strategic counsel while maintaining the personalised attention our clients expect.”

Recognizing that rigorous document review and research work has traditionally been assigned to junior lawyers as part of their professional development, the firm is adapting its training methodology to focus on higher-level analytical skills and strategic thinking from earlier career stages. This evolution in legal education emphasizes both technical proficiency and adherence to the highest ethical and professional standards in legal practice.

“We think long and hard about the future of legal training. While it is too early to make hard statements about the future shape of our team and practice as technology develops, we already recognise that we need to train young lawyers in our firm for a partially different skill set than the traditional one. At the same time, more senior lawyers will have to adapt to new ways of delivering value to the clients. As we get this right, we will be able to enhance our team’s impact on our client matters and our business, including the team’s wellbeing, manifold in a very short period of time,” added Cătălin Grigorescu.

Key Business Enhancements will include:

●     Enhanced Client Service: Faster document processing and case preparation enable more strategic client engagement and significantly improve execution speed.

●     Increased Efficiency: AI-assisted review capabilities free up lawyers to focus on high-value analysis, strategy development, and negotiations.

●     Strategic Market Position: Technology adoption ensures the firm remains a leader in legal service delivery and industry innovation.

The firm will continue to evaluate and integrate additional AI-enabled technologies while maintaining its commitment to the personalised service and legal excellence that clients expect. Based on positive outcomes, the firm is discussing extending the use of the Legora platform throughout bpv LEGAL in the Central and Eastern Europe with the aim to strengthen collective capabilities.

For more information, please contact Ioana Racu, Ioana.racu@bpv-grigorescu.com, +40755049604.

****

bpv GRIGORESCU STEFANICA is a business law firm with a full-service offering for complex projects and litigation and a unique combination of legal and tax advisory capabilities. The firm is known internationally for its focus on the Technology sector and its prominent practice in areas such as Corporate, Mergers & Acquisitions, Taxation, Employment & Benefits, Procurement, Concessions & PPPs, Medical services, Energy and Infrastructure.

bpv GRIGORESCU ȘTEFĂNICĂ team is continuously included among the most prominent Romanian law firms by prestigious international legal directories such as Chambers & Partners, Legal 500, IFLR1000, ITR World Tax, Media Law International.

bpv GRIGORESCU ȘTEFĂNICĂ is a founding member of bpv Legal, an alliance of independent business law firms with offices in Bratislava, Brussels, Bucharest, Budapest, Prague and Vienna, offering cross-border legal advisory services.

Bucharest continues to be the predominant location for the transformation of former industrial platforms due to the scale of its real estate market and the high number of available sites. The capital city generates the largest volume of land plot transactions within the urban area, primarily through the conversion of industrial spaces, according to data from Cushman & Wakefield Echinox. Investors are increasingly targeting mixed-use developments which integrate retail, office, and residential components.

Rocar (~21 ha), Roca Preciziei (~12 ha), Helitube (Colentina, ~8.9 ha), Muntenia (near Parcul Carol, ~5.7 ha), Antrefrig (~5.7 ha), Titan Mar (Șoseaua Progresul, ~4.5 ha), and Atlas (Pipera, ~2.9 ha) were amongst the largest land transactions in the last few years. These sites were predominantly acquired for large-scale future developments.

Domestic and international investors such as Prime Kapital, One United Properties, Forte Partners, Speedwell, Prima Development, and Hils Development are actively engaged in urban regeneration projects on former industrial platforms in Bucharest.

Being located in diverse areas of the city, these platforms have different development potentials, which are carefully evaluated by investors planning the constructions of office buildings, residential units, and retail projects.  

This reconversion trend has rapidly expanded to other major cities in Romania. In Cluj - Napoca, projects such as Transilvania Mall (developed by Prime Kapital on the former Cesarom site), Rivus City (on the Carbochim platform), and Hexagon’s announced development on the Tehnofrig plot highlight the significant potential of these locations for mixed - use real estate projects.

Moreover, most former industrial platforms in Timisoara have already been transformed into retail and office premises, while the reconversions of sites such as Spumotim and 1 Iunie are expected to generate new landmark developments.

In Iasi, Prime Kapital is currently developing Silk District and has recently completed Mall Moldova, the largest shopping center outside Bucharest - both projects built on former industrial platforms.

The largest real estate development in Brasov was built through the regeneration of the 100-hectare Tractorul platform, while in Constanta, Iulius Group is transforming the former Oil Terminal site into a fully integrated urban complex.

In these cities, the pressure on available land and the appetite for new developments continue to support the conversion of former industrial spaces into modern destinations.

Ștefan Oprea, Consultant, Land Agency, Cushman & Wakefield Echinox: “Industrial site reconversions remain some of the most compelling opportunities on the Romanian real estate market. Beyond the assets already acquired and under development, there is a substantial inventory of platforms currently available for sale. These properties vary in size - from a few thousand square meters to tens of hectares - offering high investment interest across multiple investor profiles. In addition to regional hubs, we are noticing a growing interest in cities such as Craiova and Arad, which are likely to generate significant transactions in the near future.”

From a development perspective, former industrial platforms benefit from central or peri-urban locations, easy access to infrastructure, and generous land areas that support the development of integrated real estate projects.

Cushman & Wakefield Echinox is a leading real estate company on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, owned and operated independently, with a team of over 80 professionals and collaborators offering a full range of services to investors, developers, owners and tenants. For additional information, visit www.cwechinox.com.

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.

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Bulboacă & Asociații, an elite law firm and strategic engine forged in the crucible of the most demanding transactions, announces the promotions of Roxana Tiutiu and Raluca Ilie-Antonescu. These advancements mark a decisive moment in strengthening the firm’s leadership and vision to navigate with unwavering tenacity through the most critical moments of the market.

Through these promotions, Bulboacă & Asociații reinforces its absolute commitment to a professional development model that recognizes and supports two distinct, parallel, and equally valuable paths to Partnership:

Roxana Tiutiu was promoted in August 2025 to the role of Managing Associate, an essential step on the strategic path from Managing Associate to Partner. This professional trajectory aligns with entrepreneurial leadership and business development – fundamental pillars of Bulboacă & Asociații’s culture. Roxana will continue to demonstrate her deep expertise in Corporate & M&A and Employment Law, contributing to the expansion of the firm’s client portfolio and the implementation of its professional battle strategies.

Raluca Ilie-Antonescu has been promoted to the position of Counsel, representing the first step on the strategic Counsel – Partner route. This role places a strong emphasis on technical excellence and specialist legal leadership, capitalizing on Raluca’s extensive expertise in Banking & Finance and Intellectual Property Law. Raluca will play a key role in managing high-intensity mandates and designing strategic legal solutions that form the foundation of lasting victories.

Adrian-Cătălin Bulboacă, Managing Partner and Founder of Bulboacă & Asociații, stated:

“We are extremely pleased to announce these promotions, which validate the individual talent and dedication of Roxana and Raluca, as well as our strategic vision to build a high-performance, resilient team with a long-term perspective. By steadfastly supporting both technical excellence in leadership and entrepreneurial strategic leadership, Bulboacă & Asociații reconfirms its position as a decisive strategic partner in the market’s most critical moments. We are fully committed to architecting sustainable victories for our clients, prepared for the ‘99th minute of the game’ and ready to turn every battle into a strategic equilibrium that withstands the test of time. Our reputation is built on finding the path to viable, balanced outcomes where others cannot.”

In addition to these promotions, Bulboacă & Asociații is proud to announce that Roxana Tiutiu and Raluca Ilie have officially become associate lawyers within the firm’s partnership structure, registered as such with the Bucharest Bar as of September 1, 2025. This formal step confirms their outstanding performance, consistent dedication, and positioning as pillars of continuous professional development within the firm.

About Bulboacă & Asociații
Bulboacă & Asociații is an elite law firm and strategic engine forged in the crucible of the most demanding transactions. Founded following the spin-off of the Bucharest office of a Magic Circle firm, Bulboacă & Asociații has one of the strongest brands in the Romanian legal market. With a central focus on Corporate M&A and Finance & Restructuring, the firm operates with the relentless tenacity of a Premier League champion and the value-driven mindset of a top-tier investment bank. The firm’s reputation is built on finding the path to viable, balanced outcomes where others cannot. Bulboacă & Asociații is the “war advisor” that leaders bring into the “war room” when the stakes are at their highest. The firm’s strength lies in its integrated team of talented senior lawyers, built for the “99th minute of the game” and relentlessly pursuing victory when the challenge seems insurmountable.

Media & Public Relations Contact:

Adela Cristea, Head of Business Development

adela.cristea@bulboaca.com

www.bulboaca.com

Bucharest, September 22, 2025 – European companies place value chain analysis and risk assessment along supply chains at the top of the tools used in the first mandatory reporting exercise under the Corporate Sustainability Reporting Directive (CSRD), as they were mentioned in eight of ten reports analyzed by Deloitte in the study “Beyond compliance: Observations on practices following Wave 1 of CSRD reporting”. On the other hand, most companies participating in the report had difficulties in identifying and structuring viable information on sustainability topics, both within the organization and in the relationship with suppliers and indirect collaborators, which indicates the need to create structured and transparent dialogue frameworks (stakeholder engagement policies), the study also shows.

From the perspective of sustainability priorities identified in companies’ reports, it appears that organizations in the fast-moving consumer goods (FMCG) industry focus on increasing transparency along supply chains and on assimilating circular economy models; of the 62 analyzed organizations in the sector, over 90% mentioned a policy in this regard — generally at group level, including principles related to recyclability, waste hierarchy, etc. —, while 79% have also published deadlines for the adoption of various types of measures. Companies in the energy and industrials sector are addressing Scope 3 emissions as a priority, with 30 of the 55 organizations analyzed setting net-zero targets in coming years. In addition, energy companies are prioritizing the development of transition plans, with roadmaps for integrating renewable into their portfolios and electrifying operations. Financial services organizations are actively integrating sustainability criteria into their lending practices and investment decisions. Seven out of ten banks surveyed have set emissions targets for five or more sectors, with real estate and electricity generation being mentioned every time. Moreover, all banks surveyed (20 out of 20) and almost all insurers (11 out of 12) use the Partnership for Carbon Accounting Financials (PCAF) as a methodological basis for calculating financed emissions.

“The experience of companies that reported in the first wave of CSRD provides a valuable reference framework, governed by three core principles — structure, transparency and collaboration. A solid annual report is only a milestone, while true performance is, in fact, about creating a repeatable and every-year less burdensome process, especially in a time where the sustainability regulatory framework is still mobile. From this perspective, the report emphasizes the central role of dual materiality analysis as a permanent tool for tracking areas of opportunity and risk, as well as analyzing and strengthening relationships with various categories of stakeholders along the value chains. These tools go far beyond compliance; they create vision and premises for growth, support strategic decisions and foster trust,” stated Ovidiu Popescu, Partner, Deloitte Romania, Leader of the energy and sustainability practices for Deloitte South-Eastern Europe.

The report also shows that, based on the experience of CSRD’s first wave, the degree of digitalization of sustainability reporting is expected to increase in the coming years, with most organizations surveyed mentioning the need for technical solutions to support data collection and consolidation. While some are investing in new solutions, most are working to convert parts of the existing IT architecture for these purposes. The study also shows that an important step in automating the reporting processes is content’s digital tagging, which allows for machine reading and is expected to become mandatory with the adoption of the eXtensible Business Reporting Language (XBRL) Taxonomy by the European Commission.

“The key to an effective reporting process lies in the ability to view and analyze the business as an ecosystem with multiple and diverse stakeholders, beyond organizational boundaries. Unlike financial reporting, sustainability reporting does not follow a typical model that can be replicated from one company to another, but requires similar discipline in the data collection and analysis processes and solid collaboration mechanisms. On the other hand, the finality of the process is not just an audit opinion, but a set of performance arguments and sustainable development directions, convincing for both the auditor, but most importantly for clients, partners, financiers and potential investors", said Corina Dimitriu, Audit Partner, Deloitte Romania, and ESG Assurance Leader.

The study “Beyond compliance: Observations on practices following Wave 1 of CSRD reporting” was based on the analysis of 200 reports from companies in Wave 1 of CSRD from France, Germany, the Netherlands, Denmark, Spain, as well as from Finland, Italy, Austria, Belgium, the United Kingdom, Luxembourg, Poland, Sweden, Lithuania, Norway, Switzerland, Portugal, Estonia and Ireland. The industries represented are FMCG (31%), energy and industrials (28%), financial services (18%), technology, media and telecommunications (15%), and healthcare (8%).

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its approximately 460,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,200 professionals.

Please see www.deloitte.com/ro/about to learn more about the global network of member firms.

Romania stands out in the European fiscal landscape through a significantly lower level of property taxation compared with the European Union average, according to an analysis conducted by the Cushman & Wakefield Echinox real estate consultancy company, based on EUROSTAT data.

This position enriched the attractiveness of the local real estate market and established a favorable taxation framework for owners and investors.

Reduced taxation is also reflected in the macroeconomic indicators, with only 0.5% of Romania’s GDP being generated by real estate asset taxation, compared with the EU average of 1.9% and 3.7% in France, the European leader in this regard. In Poland, the share of property taxes in GDP is 1.4%, while in Hungary it stands at 0.8%.

Romania’s share of GDP from property taxes decreased from 0.9% to 0.5% over the last decade, as the GDP growth rate has been significantly higher than the corresponding one from property taxes.

Additionally, the taxable values have remained relatively constant since 2016 and have not kept up with the real estate assets price surges, thereby diminishing the share of these revenues in GDP.

Property taxes in Romania account for approximately 2.1% of the total fiscal revenues, below the EU average of 4.7%, underscoring the state’s limited reliance on these taxes to finance public budgets. In Greece, this share reaches 7%, in Poland 4.1%, while in France it stands at 8.4%. In Italy, property taxes represent 5.1% of the total fiscal revenues, and in Spain 6.7%.

In absolute figures, the total property tax revenues collected in Romania amounted to €1.8 billion in 2023 (the latest year for which EUROSTAT data is available), substantially below the levels registered in countries such as Poland (€10.7 billion) or Italy (€45.3 billion). In France, revenues from property taxation exceed €100 billion annually, while in Germany they reach €40 billion. In Spain, nearly €38 billion is collected each year from real estate taxation.

In terms of taxes per capita, a Romanian contributes approximately €93 annually in property taxes, compared with the EU average of €710 and €1,550 in France. In Poland, this indicator stands at €300, while an Italian pays more than €760 annually and a Spanish person approximately €750. Moreover, the average contribution of a Hungarian is also higher, as it reaches €163 per year.

Vlad Săftoiu, Head of Research at Cushman & Wakefield Echinox: “Romania’s low level of property taxation represents an important competitive advantage which has significantly supported its real estate market development, while also facilitating the access to residential properties, contributing to Romania’s position as the country with the highest home-ownership rate in the European Union. On the other hand, the relaxed taxation translates into limited funds available for public investment, considering that these taxes are predominantly collected by local authorities.”

Property taxes include taxes imposed on owners of real estate assets - buildings and land - in the form of annual taxes (local taxes on buildings and land) or ad-hoc charges (transfer taxes, inheritance taxes, etc.). The level of these taxes varies significantly among the EU member states, influenced by local fiscal policies and the strategic role these revenues play in national budgets.

In Romania, tax rates applied to buildings -including residential properties - and land are among the lowest in the EU, with a standard rate of approximately 0.1% - 0.3% for residential buildings, depending on their category and location, while for commercial properties the rate varies between 0.5% and 1.5%.

Cushman & Wakefield Echinox is a leading real estate consultancy in the local market and the exclusive affiliate of Cushman & Wakefield in Romania, independently owned and operated. Its team of over 60 professionals and collaborators provides a comprehensive range of services to investors, developers, owners, and tenants. For more information, please visit www.cwechinox.com.

Cushman & Wakefield (NYSE: CWK) is one of the global leaders in commercial real estate services, with 52,000 employees in 400 offices across 60 countries. With revenues of $9.4 billion, the company’s core services include asset and investment management consulting, capital markets, leasing, property management, tenant representation, project management, and valuation. For more information, please visit www.cushmanwakefield.com.

Froo Romania Retail, a company of Żabka Group, opens a new Froo store in America House office building in the CBD area of Bucharest, with the lease being brokered by the Cushman & Wakefield Echinox real estate consultancy firm.

There are no doubts about great success of Froo modern convenience store in office building.

Dana Radoveneanu, Head of Retail Agency Cushman & Wakefield Echinox: “Froo, a dynamic newcomer to the local retail market, has chosen America House as its latest location. We're excited to support their growth and believe that the building's prime location and diverse retail mix provide the ideal conditions for their success.”

David Hay, founder, and CEO of ADD Value Management: “America House is pleased to announce the addition of Froo, a modern convenience store, to our retail area. With its wide selection of fresh and high-quality products, Froo is a valuable addition to our community. We believe that Froo will enhance the overall experience for our tenants and visitors.”

Joanna Simonowicz, General Manager, Froo Romania Retail: " We are dynamically expanding our Froo chain of stores, which has been present in the Romanian market for over a year and now counts more than 120 locations across 3 cities, predominantly in Bucharest. Our goal is to stay close to our customers, which is why we are constantly seeking attractive new locations for our stores. We adapt our offer of food products and ready-to-eat meals – including Froo’s private-label items, as well as hot food and coffee available at our dedicated Froo Bistro – to meet the diverse expectations of our customers. We are therefore delighted to open a new Froo outlet in such a prime location as the America House office building.”

America House is a landmark building in the Bucharest office market with a leasable area of ​​approximately 28,000 square meters and tenants such as Schlumberger, Mastercard or Ţuca Zbârcea & Asociaţii. The building benefits from one of the largest commercial areas in an office project, with ​​nearly 4,000 square meters, as the retail mix consists of cafes and restaurants such as Starbucks, McDonald's, Velocita, Submarine Burger, BOB X BVB Coffee Shop, Sagakura, Noodle Pack, Carturesti, 1,500 sqm World Class gym and services - bank, pharmacy, Inmedio newspaper kiosk.

America House has been recognized with two prestigious international certifications. It is the first and only building in Bucharest to achieve BREEAM in-Use Outstanding, recognizing its exceptional sustainability and green practices. Additionally, it is the first and only building in Romania to earn a Gold ActiveScore, showcasing its outstanding travel facilities for cyclists and scooter users.

Froo is a chain of modern convenience stores, equivalent to Żabka stores operating in Poland. It has more than 100 outlets. More than 80% of Froo's assortment comprises well-known and well-liked Romanian brands and international brands from Romanian suppliers. The offer also includes products from well-known Polish brands and local private labels. Under the Froo Bistro brand, all outlets also offer a wide range of hot snacks, such as hot dogs or fries, cold drinks and coffee. The assortment is prepared for customers who want to quickly satisfy their hunger and thirst on their way home, to work or to school.

Cushman & Wakefield Echinox is a leading real estate company on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, owned and operated independently, with a team of over 80 professionals and collaborators offering a full range of services to investors, developers, owners and tenants. For additional information, visit www.cwechinox.com.

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.

 The Inovații Sociale Regina Maria Foundation is organizing, on October 29th, at the Romanian Athenaeum, the charitable Gala “From the Heart to the Future”.
This year’s edition will be a special one, celebrating 150 years since the birth of Queen Maria, a continuous source of inspiration for the Foundation’s activity.

The event will feature both a high-class artistic performance and a networking session dedicated to sponsors and VIP guests.
Highlights will include a recital by Violoncellissimo, remarkable artistic moments performed by the great actress Maia Morgenstern, and Andrea Gavriliu – choreographer and dancer – with an original performance inspired by a scenario written by Queen Maria herself.

In the pre-event, also inspired by Queen Maria, we will enjoy a fashion show coordinated by Alin Gălățescu, a charity auction with exceptional works created by young talents, and, most importantly, an extensive and extraordinary Exhibition of collectible objects from Dr. Wargha Enayati’s personal collection – among them, the original invitation to Queen Maria’s baptism, her personal postcard album, and even her driving license.

You can participate in the event as a Corporate Sponsor or Individual Sponsor.
Tickets for your employees can also be purchased directly from the eventim.ro or iabilet.ro platforms. Employee tickets may be paid through cultural vouchers.

Bucharest, September 2025: Romania stands out in the European fiscal landscape through a significantly lower level of property taxation compared with the European Union average, according to an analysis conducted by the Cushman & Wakefield Echinox real estate consultancy company, based on EUROSTAT data.

This position enriched the attractiveness of the local real estate market and established a favorable taxation framework for owners and investors.

Reduced taxation is also reflected in the macroeconomic indicators, with only 0.5% of Romania’s GDP being generated by real estate asset taxation, compared with the EU average of 1.9% and 3.7% in France, the European leader in this regard. In Poland, the share of property taxes in GDP is 1.4%, while in Hungary it stands at 0.8%.

Romania’s share of GDP from property taxes decreased from 0.9% to 0.5% over the last decade, as the GDP growth rate has been significantly higher than the corresponding one from property taxes.

Additionally, the taxable values have remained relatively constant since 2016 and have not kept up with the real estate assets price surges, thereby diminishing the share of these revenues in GDP.

Property taxes in Romania account for approximately 2.1% of the total fiscal revenues, below the EU average of 4.7%, underscoring the state’s limited reliance on these taxes to finance public budgets. In Greece, this share reaches 7%, in Poland 4.1%, while in France it stands at 8.4%. In Italy, property taxes represent 5.1% of the total fiscal revenues, and in Spain 6.7%.

In absolute figures, the total property tax revenues collected in Romania amounted to €1.8 billion in 2023 (the latest year for which EUROSTAT data is available), substantially below the levels registered in countries such as Poland (€10.7 billion) or Italy (€45.3 billion). In France, revenues from property taxation exceed €100 billion annually, while in Germany they reach €40 billion. In Spain, nearly €38 billion is collected each year from real estate taxation.

In terms of taxes per capita, a Romanian contributes approximately €93 annually in property taxes, compared with the EU average of €710 and €1,550 in France. In Poland, this indicator stands at €300, while an Italian pays more than €760 annually and a Spanish person approximately €750. Moreover, the average contribution of a Hungarian is also higher, as it reaches €163 per year.

Vlad Săftoiu, Head of Research at Cushman & Wakefield Echinox: “Romania’s low level of property taxation represents an important competitive advantage which has significantly supported its real estate market development, while also facilitating the access to residential properties, contributing to Romania’s position as the country with the highest home-ownership rate in the European Union. On the other hand, the relaxed taxation translates into limited funds available for public investment, considering that these taxes are predominantly collected by local authorities.”

Property taxes include taxes imposed on owners of real estate assets - buildings and land - in the form of annual taxes (local taxes on buildings and land) or ad-hoc charges (transfer taxes, inheritance taxes, etc.). The level of these taxes varies significantly among the EU member states, influenced by local fiscal policies and the strategic role these revenues play in national budgets.

In Romania, tax rates applied to buildings -including residential properties - and land are among the lowest in the EU, with a standard rate of approximately 0.1% - 0.3% for residential buildings, depending on their category and location, while for commercial properties the rate varies between 0.5% and 1.5%.

Cushman & Wakefield Echinox is a leading real estate consultancy in the local market and the exclusive affiliate of Cushman & Wakefield in Romania, independently owned and operated. Its team of over 60 professionals and collaborators provides a comprehensive range of services to investors, developers, owners, and tenants. For more information, please visit www.cwechinox.com.

Cushman & Wakefield (NYSE: CWK) is one of the global leaders in commercial real estate services, with 52,000 employees in 400 offices across 60 countries. With revenues of $9.4 billion, the company’s core services include asset and investment management consulting, capital markets, leasing, property management, tenant representation, project management, and valuation. For more information, please visit www.cushmanwakefield.com.

Deal executives making peace with uncertainty

·         Despite market uncertainty, dealmakers are cautiously optimistic about Europe’s M&A prospects.

·         In our survey of 250 corporate and private equity dealmakers and executives, half of respondents expect activity to increase in the next 12 months - down slightly from last year, when 65% were expecting an increase. 85% expect to engage in M&A in the coming year, for corporates, particularly on the buy-side.

·         Deal volume in H1 2025 was 8,195, down 11% from the same period in 2024.

·         However, total deal value in H1 2025 reached €465 billion, a 3.6% year-on-year increase.

·         Over a third of the respondents (34%) believes that difficulties in arranging deal financing will be a major obstacle to M&A in the coming year. Buyer-seller valuation gaps (30%) are also a concern.

·         The impact of trade wars is weighing heavily on the market. 26% of the respondents describe trade-related disruptions as a major obstacle to M&A, up from just 10% last year.

·         More than a third of the respondents (38%) say distress-driven M&A will propel sell-side activity in Europe. Respondents expect buy-side drivers to be undervalued targets and turnaround opportunities (both cited by 31%).

·         The largest share of respondents (38%) expects the Benelux region to see the highest M&A growth in the next 12 months, placing it in top spot for the second year in a row. The UK&I, Austria and Switzerland are also expected to drive M&A growth.

·         Over half of the respondents (51%) believe that cash reserves will be the most available source of finance in the next 12 months, followed by debt capital markets (38%).

(Friday, 12 September 2025): According to CMS’s 2026 European M&A Outlook, half of dealmakers expect the level of European M&A activity to increase over the next 12 months, even in the face of considerable market volatility. The Outlook was published today in association with financial data firm Mergermarket.

Signs of recovery in 2024 were obscured in early 2025 by a pronounced period of market uncertainty, driven by trade tariffs. Deal volume in H1 was down by 11% relative to the same period in 2024 – however, aggregate transaction value proved more robust, rising by 3.6% year-on-year, demonstrating that dealmakers are still ready to put money to work for the right assets.

Louise Wallace, Head of the CMS Corporate/M&A Group, said: “While the first half of 2025 brought fresh and unexpected challenges—from tariff volatility to tightening financing conditions— European M&A continues to demonstrate remarkable resilience in the face of renewed uncertainty and the M&A landscape remains fundamentally healthy. Dealmakers are focused on transformational opportunities and strategic growth. As the market adapts to another ‘new normal’, we expect deal activity to strengthen across key sectors, in particular industrials & chemicals, TMT and energy.”

IN CEE INVESTORS FOCUS ON STRATEGIC DEALS AND TAKE A RISK-OFF APPROACH

In H1 2025, CEE M&A deal value increased by 7% to EUR 19.1bn, with a pronounced 24% decline in transaction volume compared to H1 2024.

Sentiment towards the region remains polarised: 10% of those surveyed expect CEE to attract the strongest M&A growth in Europe, while 8% take the opposing view and foresee the region will experience the lowest growth. CEE is identified by 11% of respondents as the leading investment destination in the coming year.

When asked to pinpoint the biggest risks to investing in their region of choice, respondents most frequently cited an intensifying competitive bidding environment (23%), followed by challenging compliance management requirements, and a heavy administrative burden (each selected by 15%).

Horea Popescu, Managing Partner at CMS Romania, and Head of Corporate M&A in CEE commented: “Central and Eastern Europe is poised to surprise us on the upside. With GDP growth in the region outpacing the eurozone average, and sectors like tech, defence, infrastructure and energy attracting strategic capital, CEE offers a compelling mix of resilience and opportunity for dealmakers. Improving financing conditions and strong domestic demand could result in CEE outperforming expectations in the next 12 months. It’s a region where strategic investment is increasingly translating into tangible momentum and dealmaking confidence.”

Rodica Manea, Corporate Partner at CMS Romania, stated: “Even amid economic and geopolitical volatility, Romania remains on investors’ radar due to its growth potential in sectors such as technology, energy and infrastructure.  We are witnessing sustained activity in the local market, with Romanian companies continuing to adapt swiftly and capitalise on emerging opportunities.”

Non-core divestments, digitalisation and strategic growth

Respondents expect the greatest sell-side drivers of M&A activity in Europe over the next 12 months to be non-core asset sales from larger companies (42% of top-two votes) and, relatedly, distress-driven M&A (38%). Private equity divestments (36%, including 25% of first-choice votes) are also expected to feature prominently, with funds under pressure to return capital to investors.

On the buy-side, dealmakers expect a variety of factors to propel M&A, from undervalued targets (31%) and turnaround opportunities (also 31%) to supply-chain security (27%) and the ubiquitous drive towards greater levels of digitalisation (30%). Many corporates though have their sights set on strategic growth – the most anticipated driver for their acquisitions being transformational deals, with 38% identifying this as a top two reason, followed in second place by growth in new geographies and customer bases.

Securing financing

Most respondents (78%) expect financing conditions in Europe to worsen over the next 12 months, including 29% who believe it will be much harder to secure capital. Unsurprisingly, a large share of dealmakers identifies financing difficulties as a major hurdle to their M&A plans (34% of top-two votes).

Cash reserves are expected to be the most available source of finance (51%), followed by debt capital markets (38%). Moreover, two-thirds of the respondents (67%) are considering using alternative deal structures, such as convertible instruments and earnouts, as part of their M&A financing strategy over the next 12 months.

Prizing political stability

The Benelux region is expected to see the highest growth in M&A activity over the next 12 months, according to our respondent group (38% of top-two votes), followed by the UK & Ireland (29%) and Austria and Switzerland (27%). Respondents are quick to highlight the Benelux region’s supportive investment ecosystem and strong logistics capabilities. Broadly speaking, dealmakers are showing a preference for regions with higher levels of political and economic stability.

Cross-border concerns

Domestic dealmaking will come to the fore over the next 12 months. Among corporate respondents, 51% do not expect to undertake any cross-border M&A. Trade-related and other geopolitical volatility is clearly a point of concern – 26% of the respondents cite trade wars as a barrier to M&A, up from just 10% in last year’s survey.

Outlook for 2026

Despite pronounced market volatility, particularly in respect of EU-US trade policy, dealmakers continue to see opportunity in Europe. A number of positive tailwinds are expected to drive M&A in the near to medium term. European nations are spending more on infrastructure and defence, while regulators are taking steps to improve the region’s competitiveness and attractiveness to international investors.

Read the full CMS European M&A Outlook 2026 here: https://cms.law/en/int/publication/cms-european-m-a-outlook-2026

– ENDS –

Methodology

In Q2 2025, Mergermarket surveyed senior executives from 240 corporates and 90 private equity firms based in Europe, the Americas and Asia-Pacific about their expectations for the European M&A market in the year ahead. Among the 330 executives interviewed, 70% are headquartered in Europe, while the remaining 30% are split equally between the Americas and Asia-Pacific. 92% of all respondents have been involved in an M&A transaction over the past two years and 95% plan to undertake an M&A transaction in the coming year. All responses are anonymous and results are presented in aggregate.

About CMS:

Founded in 1999, CMS is an international organisation of independent law firms that offers full-service legal and tax advice. With 91 offices in 50 countries across the world, CMS has longstanding expertise both in advising in its local jurisdictions and across borders. From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour, strategic excellence and long-term partnership to keep each client ahead in its chosen markets.

The CMS member firms provide a wide range of expertise across 19 practice areas and sectors, including Corporate/M&A, Energy & Climate Change, Funds, Life Sciences & Healthcare, TMC, Tax, Banking & Finance, Commercial, Antitrust, Competition & Trade, Dispute Resolution, Employment, Labour & Pensions, Intellectual Property and Real Estate.

For more information, please visit cms.law

Opinion article by Burcin Atakan, Partner, and Elton Mata, Manager, Advisory, Forensic Services, Deloitte Romania

In recent years, whistleblowing has progressed considerably into becoming a key aspect of an organization’s corporate governance. It started with the adoption of the EU Whistleblowing Directive (2019/1937) and was gradually transposed into national laws, including Romania’s Law no. 361 in December 2022. This legal framework sets clear obligations for establishing secure reporting channels, ensuring confidentiality, and protecting whistleblowers from retaliation.

Since 2022, EU member states have progressed at different speeds in implementing these rules. While most have completed their transposition, the maturity of the systems and legal enforcement varies widely.

For private sector companies, legal compliance is only the starting point. An effective whistleblowing framework is not about “ticking a box” — it’s about building a trusted environment where employees, contractors, and even suppliers feel safe to speak up, and where the organization can respond effectively. But how can organizations ensure that their whistleblowing system is effective? Below are various core aspects which companies can use in implementing a robust reporting system.

Implementing an effective reporting system

a) Choose the right channels

A one-size-fits-all approach rarely works. Employees should have access to multiple reporting options depending on the nature of the business: a secure online portal, a dedicated phone line, and the possibility of face-to-face reporting, the latter under confidential circumstances for protecting the whistleblower’s identity.

For smaller companies, anonymity options are essential to reduce fear of retaliation. Larger organizations often integrate multilingual and 24/7 availability to cover global teams, therefore, the risk of whistleblower identification is considerably lower.

b) Ensure accessibility and awareness

A reporting channel effectiveness relies on its reachability and familiarity. The better a company communicates to its employees or partners their policies, the existence of a safe reporting channel where misconduct can be disclosed, the more effective the system will be. How can companies educate their employees? By launching internal awareness campaigns using intranet posts, posters, and onboarding sessions, By training managers to encourage, and not discourage reporting, by using plain and simple language in policies for ease of understanding.

c) Guarantee confidentiality and security

Reporting systems should be encrypted, and the access should be strictly limited to authorized personnel handling the cases. An important feature to the effectiveness of a whistleblowing system is the appointment of independent professionals handling reported cases, be it internal or external parties of the company.

The organization should decide who leads the process: compliance, HR, internal audit, or an independent function. As an example, multinational companies ensure local laws are met in each jurisdiction depending on the requirements, while keeping central oversight within headquarters.

e) Stay compliant with data protection

Every organization should keep in mind and respect GDPR principles. Information should be processed with transparency and lawfulness. Data should be stored in a secure environment within EU.

Moreover, only necessary information related to the specific subject should be requested and processed.

Handling reports properly

Step 1: Acknowledge quickly

The EU Directive requires confirmation within seven days — but beyond compliance, it shows the whistleblower they’ve been heard, and necessary steps are being taken to remediate the situation.

Step 2: Triage the case

Assess severity and urgency. High-risk issues (criminal conduct, threats to health or safety) require immediate escalation. Each issue reported should represent high importance and should be treated seriously. Negligence can lead to potential financial losses and reputational impact.

Step 3: Assign an independent investigator

Avoid conflicts of interest, particularly in cases involving senior management. Independent internal auditors or external specialists can ensure neutrality. Although the decision on assigning the teams to handle the investigation relies solely on the organization, it is vital that the investigation team be independent from any parties involved in the allegations reported by a whistleblower.

Step 4: Protect the whistleblower

Anti-retaliation measures are not just legal requirements — they’re essential for maintaining trust. From a broader perspective, whistleblower protection promotes transparency, accountability, and integrity in both the private and public sectors.

Step 5: Investigate thoroughly

Collect evidence systematically: documents, interviews, digital forensics. Maintain confidentiality but ensure relevant stakeholders are informed as needed. Forensic expertise may be required in various cases when investigating delicate situations of any kind of misconduct.

Step 6: Provide feedback

Even if details are limited for legal reasons, inform the whistleblower about the outcome or the next steps. A better relationship with the whistleblower can help bring forward more details of the misconduct reported, making the investigation process much easier.

Step 7: Implement remediation

Address root causes. This may involve disciplinary action, policy changes, training, or internal controls improvement. Remediation actions should focus on the collective good of the company and employees, while sustaining integrity and fairness in any changes which the company may undergo due to the misconduct faced.

Step 8: Continuous improvement

Regardless of the field of activity or subject in review, any organization’s scope should be constant growth and development of their internal policies, procedures and surely their culture.

Final thoughts

In conclusion, an effective whistleblowing policy and setup can bring significant benefits to an organization. It provides the company with early detection of problems such as fraud, harassment, or safety hazards, allowing them to be addressed before escalating into unresolvable issues. It also serves as a safeguard against regulatory breaches, reducing the risk of fines and legal liability. Beyond compliance, such a system strengthens workplace culture. When employees feel safe to speak up, they tend to be more engaged and loyal. In the same way, a strong and trustworthy reporting mechanism helps decline the potential occurrence of misconduct within the organization.

Paul Cosmovici, Claudia Grozea, Ionela Cuciureanu

In global branding, few signals sell like the Swiss cross. There are few people that are not mesmerized by the red-and-white magic. “Swiss Made” whispers precision, purity and premium—and consumers pay for it. That halo is why brands love Swissness. It’s also why Switzerland drew a bright legal line around who may claim it and how.

When a Sneaker Trips on a Flag

In 2025, Swiss sports brand On Running ran straight into that line. Although founded and engineered in Zürich, most of its shoes are made in Asia. Yet certain models sold abroad carried the Swiss cross. Swiss watchdogs said: not so fast. A complaint in China—filed with support from Switzerland’s IP office (IPI) and the Swissness Enforcement Association  (SEA)—pressed On to stop. On countered that the cross reflected “Swiss engineering” and design. At home, it had already removed the cross from products sold in Switzerland; abroad, it kept the emblem—and now seeks a ruling from Switzerland’s Federal Court on what the cross may legally stand for. The case crystallizes a simple truth: national symbols aren’t decoration; they’re regulated claims about origin.

What Swissness Really Means

Since 2017, Switzerland’s Swissness regime has turned reputation into law. To call a product “Swiss”—or to wear the Swiss cross—you must clear concrete thresholds. For industrial goods, at least 60% of production cost (including R&D) must be Swiss and the essential manufacturing step must occur in Switzerland. For foods, the bar is even tighter (e.g., 80% Swiss raw materials by weight and key processing in Switzerland; dairy requires Swiss milk). Services must be truly Swiss-run and Swiss-based. Meet the test and you may use “Swiss Made” and the cross. Miss it and you may not. The coat of arms (the cross in a shield) is off-limits to private companies altogether.

The Thomy mayonnaise jar was formerly displaying a bold Swiss cross on its label – an example of branding that had to change under the new law. Nestlé, which makes Thomy, had to remove the cross from some 80 products after 2017, as those items didn’t meet the new “Swiss Made” ingredient thresholds.

The Art of the Almost-Swiss

Global supply chains are real. The law allows qualified, truthful nods to a Swiss contribution—Designed in Switzerland, Swiss Engineered, Smoked in Switzerland—if that specific step happened entirely in Switzerland. Two guardrails matter. First, no cross unless the whole product qualifies as Swiss. Second, the Swiss reference must not overshadow the product’s actual origin. That’s why cookware makers like Kuhn Rikon re-labeled certain ranges Swiss Designed and dropped the flag icon; and why even giants like Nestlé scrubbed the cross from dozens of SKUs (think Thomy mayonnaise) when recipes no longer met the post-2017 thresholds. Alpine colors and imagery (Matterhorns, edelweiss) live in a grey zone: suggestive but typically tolerated—unless the overall impression misleads.

Think of Swissness claims on a risk ladder. At the top—the danger zone—sit origin claims or symbols on products that don’t qualify: a cross on an Asian-made watch, “Swiss Made” on non-Swiss cheese. These trigger seizures, lawsuits, rebranding. In the middle: ambiguous phrasing (Swiss Quality, Swiss Style) or background flags that could mislead depending on context. At the bottom: clear, factual statements (Designed in Switzerland, Made in Italy) and non-deceptive Swiss-themed aesthetics without origin claims. Brands can market real Swiss inputs—but must say exactly what is Swiss, and nothing more.

Switzerland enforces at home through the IPI and customs, which warn, fine, and block deceptive goods.  Recognizing the limits of acting alone, Swiss stakeholders formed the Swissness Enforcement Association (SEA) in 2021. This is a coalition of government bodies (like IPI) and major companies/industry groups, joining forces to fight misuse of Swiss branding abroad. The SEA coordinates legal actions and shares intelligence on offenders. The On Running case is a prime example of the SEA’s work – a private association (funded by Swiss industry) teaming up with a Swiss government office to confront a misuse in a foreign jurisdiction. On called it a “prank” and “denunciation”, but from SEA’s perspective, it’s a necessary defense of the Swiss brand. This kind of public-private enforcement strategy is becoming the playbook for Switzerland: customs officers, IPI lawyers, industry reps, and even consumers all act as sentinels.

In cooperative jurisdictions (notably China), trademark offices routinely reject marks that smuggle in Swiss or the cross without authorization. Often, a firm letter does the job; when it doesn’t, proceedings follow.

No Shortcuts to the Alps

The Swiss halo tempts non-Swiss companies—especially in the EU—to borrow the aura. Don’t. EU consumer and unfair-competition laws punish misleading geographic claims; Swiss authorities can and do raise cross-border alarms. Once a term becomes generic or abused the original signal erodes and is hard to reclaim—hence Switzerland’s vigilance. A telling example of cross-border impact is the “Swiss cheese” in the US market. In America, “Swiss cheese” is commonly used to denote a style of cheese (holey Emmental-type), often made domestically, not in Switzerland. This generic use frustrates Swiss producers because it weakens the association of “Swiss” with authentic origin. While the term has become generic there, Switzerland has fought to protect names in other categories (like “Emmentaler” as a geographic indication in Europe). The point is, once a term or symbol becomes generic or misused widely, it’s very hard to reclaim. So Swiss authorities are extremely proactive in places where they can still enforce the meaning of Swissness.

 If you genuinely have a Swiss element—design in Geneva, a Swiss-made component—state it precisely and keep iconography restrained. If you don’t, signal quality another way. Authenticity scales, mimicry backfires.

Swissness isn’t a vibe; it’s a verifiable origin claim. Those who earn it may wear the cross proudly. Those who haven’t must resist the shortcut. The On case underlines the point: even a hip sneaker brand backed by a tennis legend can’t leapfrog legal thresholds by appealing to heritage alone. In branding—as in mountaineering—you don’t summit by cutting the switchbacks. There are no shortcuts to “Swiss Made.” Or, to put it in a metaphor that translates in any language: If you want to wear the Swiss cross, make sure you’ve earned it fair and square. The Swiss (and their enforcement squads) will be watching.

The Constitutional Court ("CCR/Court”) brings back into focus the delicate issue of the scope of the effects of the annulment of a normative administrative act, through Decision No. 208/2025, after many years in which case law followed a uniform line, without distinctions or nuances, as a result of the binding interpretation given by Decision No. 10/2015 of the High Court of Cassation and Justice ("ÎCCJ").

The provisions of Article 23 of Law No. 554/2004 expressly state only that the annulment of normative administrative acts has generally binding effects only for the future. The central legal issue under consideration concerns the interpretation of this text of law from the perspective of the scope of the effects produced by the annulment of a normative administrative act (or a provision of such an act) by a final court decision: does the annulment of the normative administrative act have effects exclusively on individual administrative acts issued after the publication of that final decision, or also on those issued previously, but which, at the date of publication of the court decision annulling the normative administrative act, are being challenged in cases pending resolution?

Basing its solution on a parallel between the effects of admitting an exception of unconstitutionality and the effects of admitting a request for annulment of a normative administrative act, on the right of access to a court and evoking the res judicata effect of the final court decision on annulment, the supreme court opted, starting in 2015, for the second interpretation, noting that:

"The provisions of Article 23 of Administrative Litigation Law No. 554/2004, as subsequently amended and supplemented, shall be interpreted as meaning that a final/definitive court decisionfinal court decision annulling in whole or in part an administrative act of a normative nature also has effect on the individual administrative acts issued on the basis thereof which, at the date of publication of the court decision annulling them, are being challenged in cases pending before the courts."

Asked by the Ombudsman to review the constitutionality of the law as interpreted by the High Court of Cassation and Justice, the Court changed its perspective: it held that the solution adopted by the supreme court violated the principle of legal certainty and infringed the right to a fair trial, creating the conditions for the rigid application of the law, which is why it upheld, by a majority opinion, the exception of unconstitutionality. 

In reaching this decision, the Court held that the interpretation given by the High Court of Cassation and Justice attributes an absolute character to the principle of annulment of the subsequent act and obliges the courts, regardless of the particularities of the administrative acts or the specifics of the dispute in administrative litigation, to issue predetermined solutions in cases concerning the annulment of individual administrative acts, issued on the basis of a normative act annulled by a final court decision and pending before the courts at the time of publication of the annulment decision.

The Court also held that such an approach undermines the principle of legal certainty, as a fundamental value of the state, which implies that "citizens must be protected against a danger that comes from the law itself, against an insecurity that the law has created or risks creating, by requiring that the law be accessible and predictable." This principle must protect the bona fide holders of rights who have relied on the presumption and appearance of legality of the administrative act on the basis of which those rights were recognized. 

Consequently, the Court has held that, in order to ensure a balance between the principles of legal certainty and legality, it is necessary to examine whether and under what conditions the individual administrative act should be annulled in each such dispute, by reference to all the specific circumstances of the case (i.e. the specificity of the administrative act, its effects) and by balancing public and private interests. 

The decision to uphold the exception of unconstitutionality, as well as the Court's reasoning, have a number of important practical consequences for disputes concerning the annulment of an individual administrative act following the annulment of the normative administrative act on which it was based, particularly in the real estate sector.

Firstly, the annulment of a normative administrative act (i.e., urban planning documentation such as a PUZ/PUG) does not directly and automatically entail the annulment of the individual administrative act issued on its basis (i.e., the building permit), for the simple reason that, on the date of publication of the final decision to annul the normative act, an appeal against the individual act was pending before the courts.

Secondly, the Court's decision should not be understood in any way to mean that all individual administrative acts issued on the date when the normative administrative act had not yet been annulled by a final decision remain automatically valid, invoking the need to examine the legality of the individual administrative act exclusively by referring to the provisions in force on the date of its issuance. 

On the contrary, as the Court held, "it is incumbent upon the judge hearing the case [...] to examine, in order to rule on the action for annulment of the administrative act [...], all the factual and legal circumstances of the case in the light of the principles of legality, legal certainty, and legitimate expectations, with a view to fairly reconciling the competing interests in the case, so that the solution reached reflects justice, the supreme value in the state, according to Article 1(3) of the Constitution." 

The reference decision handed down by the Constitutional Court marks a paradigm shift that will have important practical consequences in disputes seeking the annulment of an individual administrative act following the definitive annulment of a normative administrative act, with the courts analyzing all the legal grounds invoked, striking a fair balance between the principle of security and the principle of legality. 

An article signed by Andreea Stoica, Managing Partner – astoica@stoica-asociatii.ro – and Mircea Vasile, Junior Lawyer –mvasile@stoica-asociatii.ro – STOICA & ASOCIAȚII

Romanian hotel market experiences further performance growth in first half of 2025. The occupancy increased by around 4% in the first six months of the year compared to the same period of 2024, according to a study conducted by the Cushman & Wakefield Echinox real estate consultancy company based on the STR data, who tracks the hotel performance of a sample of properties. The average daily rate (ADR) grew by circa 8% in local currency. This resulted in a spectacular 12% increase in Revenue per Available Room (RevPAR) YTD 2025 versus 2024.

Bucharest, the capital city of Romania, registered similar trend: the occupancy increased by around 3% and the ADR by circa 7.5%, with resulting RevPAR increase of 11% (all based on STR sample) in Jan-June 2025 vs 2024.

Therefore, the room revenue evolution outpaced the inflation (six-month average of 5.28% according to Moody’s), making hotels an attractive investment opportunity.

The region saw a notable 9.3% increase in RevPAR compared to H1 2024, primarily driven by a 6.9% rise in ADR. Meanwhile, occupancy also improved by 3.4 percentage points, reaching 65% in H1 2025 (6.5 pp. behind 2019 levels). The RevPAR index for all CEE capitals exceeded 2019 levels, with Warsaw (138.9%), Sofia (128.4%), and Prague (125.5%) at the forefront. Warsaw and Sofia stand out as the only cities to have surpassed 2019 occupancy levels, reaching indices of 104.6% and 100.2%, respectively.

In H1 2025, approximately 20 hotels and serviced apartment projects were completed across the CEE-6 capitals, delivering an additional 1,600 rooms to these markets (+1.7% YoY supply growth). This was driven primarily by Warsaw (+3.8%), Prague (+1.8%) and Bucharest (+1.7%). Development activity was concentrated in the Luxury and Upscale segments, which recorded the most substantial supply growth. Notable openings included the Fairmont Golden Prague and the Corinthia Grand Hotel Bucharest.

The Bucharest market continues its positive development, getting more attention from both investors and international hotel operators. City supply is expected to grow at 3% CAGR over 2025-2027.

Alina Cazachevici Partner, Head of Valuation & Advisory, Hospitality & Alternatives, CEE/SEE Cushman & Wakefield: “Romanian hotel market continues its positive trajectory in both performance and investment attractivity. The growing interest from local capital towards the hospitality assets is supporting the segment development, as it successfully replacing the international demand, which remains cautious amid political uncertainties in the region – or along these lines”.

The capital market statistics confirm the investment sentiment, with transaction volume in the CEE-6 region reaching 682M in H1 2025, up 364% year-on-year and the highest level since 2019. Most deals involved Upper Upscale assets, with Luxury properties next in line. This positive momentum is expected to continue through the second half of 2025 and into 2026, supported by numerous transactions in the pipeline and new opportunities set to enter the market.

In Romania, the investment volume exceeding 50 mil EUR (including one transaction that is agreed upon but will officially close in September), compared to circa 35 mil EUR registered in the same period last year.

Cushman & Wakefield Echinox is a leading real estate company on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, owned and operated independently, with a team of over 80 professionals and collaborators offering a full range of services to investors, developers, owners and tenants. For additional information, visit www.cwechinox.com.

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.

Bucharest, September 8, 2025 – Deloitte Romania assisted the private equity company ROCA Investments, specialized in investments in local entrepreneurial companies, in taking over the 20% stake in the Adrem Group, which provides energy services. The transaction was signed in February 2025 and was recently completed, after obtaining regulatory approvals.

"We highly appreciate the professionalism of the Deloitte Romania team which assisted us in the process of signing this transaction. ROCA’s investment in Adrem is especially important, as it is a strategic step through which we reaffirm our commitment to support and strengthen key areas of the Romanian economy. This alignment with our investment vision reflects the belief that, through solid partnerships and targeted investments, we can contribute to sustainable development and long-term value creation," said Ionut Bindea, Senior Investment Manager, ROCA Investments.

The Deloitte Romania multidisciplinary team assisted ROCA Investments in the financial and fiscal due diligence stages and during the negotiation and signing of the sale-purchase agreement. Financial consultants Radu Dumitrescu, Partner-in-Charge, Vlad Balan, Director, Marina Nicola, Deputy Director, Ionut Grigoras and Andreea Voinea, Managers, as well as Andreea Dobrota, Senior Associate, contributed to the success of the project. From the Tax practice, the project team was made of Dan Badin, Partner, Laura Bobar, Director, Alexandra Pana-Bacescu, Manager, and Stefania Samson, Senior Consultant.

"This project proved to be particularly challenging for us in terms of complexity and implementation timeline, but we were also motivated by the development prospects that this transaction favors for both partners. Basically, through this deal, ROCA Investments aims to participate directly in increasing the positive impact of the Adrem Group in the energy industry, thus contributing to the development and modernization of this essential sector of the economy," said Radu Dumitrescu, Advisory Partner-in-Charge, Deloitte Romania.

The Adrem Group has more than 1,000 employees in three companies - Adrem Invest (founded in 1992), Adrem Engineering (created in 1999) and Adrem Link (founded in 2016).

ROCA Investments is a Romanian private equity company that leverages sectorial potential by investing in local businesses. Employing a unique buy-and-build investment model in Romania, ROCA Investments offers promising Romanian companies the opportunity to become regional leaders in their respective industries, with an approach grounded in innovation, tangible value creation and sustainability.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its approximately 460,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,200 professionals.

Please see Deloitte.ro to learn more about the global network of member firms.

Deloitte Romania expands its management team by promoting Laura Bobar, from the Tax practice, Alexandru Nae, from Advisory, and Florin Dumitrescu, from Audit and Assurance, to the role of director, effective as of September 2025.

“Our organization focuses on development and progress both externally – in the relationship with our clients – and internally – in the way we nurture a culture based on professional and personal growth. This is why I am proud to celebrate our colleagues who reach important career milestones, such as the promotion to the role of directors, and to thank them for their meaningful contributions to our purpose, which goes beyond business objectives, and for their impactful leadership,” declared Alexandru Reff, Country Managing Partner, Deloitte Romania and Moldova.

Laura Bobar, Tax Director, has 15 years of experience and has worked with multinational and entrepreneurial companies across various industries, combining technical and consultancy skills. Her professional journey also included an international secondment in Slovakia. For the last three years, she has played a pivotal role in developing Deloitte Romania’s tax practice specialized in mergers and acquisitions (M&A). She has supported clients through all phases of such projects – from tax due diligence and transaction assistance to structuring – and thus contributed to the success of some of the most complex deals in the market. Laura holds a bachelor's and a master’s degree in accounting, audit, and management of information systems from the Bucharest University of Economic Studies (ASE) and is a member of the Association of Chartered Certified Accountants (ACCA) and of the Romanian Chamber of Tax Consultants. She also holds the advanced diploma in International Taxation (ADIT).

Alexandru Nae, Advisory Director, has over 12 years of experience in the forensic field and joined Deloitte in 2018. Over the years, he has contributed to the development of services such as background checks, integrity due diligence, pre-employment screening and whistleblowing, supporting clients across Europe in managing reputational risks and building trust through intelligence-led approaches. He led the creation and development of Deloitte’s European whistleblowing managed service, now used by multiple European Deloitte firms and Clients. Alex also coordinates the Know Your Partner (KYP) services within Central Europe for external collaborators, and he is a member of the Association of Certified Fraud Examiners (CFE).

Florin Dumitrescu, Audit and Assurance Director, has 14 years of experience in his field and joined Deloitte in 2018. Over time, he has led complex audit engagements and contributed to key capital market projects, including an initial public offering (IPO) and a bond issuance on the Bucharest Stock Exchange. He has worked extensively with both public and private sector clients, particularly in industries such as real estate and food production, with a focus on financial reporting under RO GAAP and IFRS standards. Florin is part of the deployment team for Deloitte’s most advanced audit platform, which focuses on enhancing the quality of audits across Central Europe. He holds a bachelor's and a master's degree in accounting, audit, and management of information systems from the Bucharest University of Economic Studies (ASE), is a member of the Authority for Public Supervision of Statutory Audit Activity (ASPAAS), Chamber of Financial Auditors in Romania (CAFR), and of the Body of Certified Public Accountants and Authorized Accountants (CECCAR). He has also served as an associate lecturer at ASE for three years.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its approximately 460,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,200 professionals.

Please see www.deloitte.com/ro/about to learn more about the global network of member firms.

The retail team of Cushman & Wakefield Echinox has successfully provided strategic consultancy to the developer of Agora Mall Arad (formerly Galleria Arad), which officially reopened on August 28 following an extensive refurbishment and repositioning process. This milestone marks a significant step in revitalizing the retail landscape in western Romania.

As part of the repositioning strategy, the team secured approximately 7,300 sq. m of retail space for a diverse mix of brands, including Senic, Numero Uno, Hada, 18Gym, Maxi Pet, Kamalion. These additions reflect a curated tenant mix designed to meet the evolving needs of the local community and enhance the mall’s appeal as a proximity shopping destination.

Dana Radoveneanu, Head of Retail Agency Cushman & Wakefield Echinox: “Agora Mall project reflects our ability to deliver tailored retail strategies that meet both market needs and consumer expectations. Romania’s retail sector remains dynamic, with regional cities like Arad offering strong growth potential. With a significant increase in the supply of modern retail space this year, and considering the development plans already announced by key players, this segment continues to be a vital engine of investment and growth within the local real estate market.”

Agora Arad, with an area of 36,000 sq. m, was opened last week following a significant refurbishment and refitting process, as the owners have a strategy to reposition the project as a proximity shopping destination with a varied mix of retailers adapted to the needs of the inhabitants in the area.

The mall now features over 1,000 underground parking spaces and is positioning as a modern, family-oriented retail hub. Visitors can enjoy the county’s largest indoor entertainment zone and a unique retail mix, including international brands entering for the first time Romania or Arad. Notably, Action, a major European non-food discounter, will open its first Romanian store here.

Cushman & Wakefield Echinox is a leading real estate company on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, owned and operated independently, with a team of over 80 professionals and collaborators offering a full range of services to investors, developers, owners and tenants. For additional information, visit www.cwechinox.com.

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.

A multidisciplinary team of lawyers specialized in financial and banking law from Reff & Associates | Deloitte Legal, and financial advisors, valuation, risk and regulatory experts, and auditors from Deloitte Romania, assisted UniCredit Bank in the process of obtaining prior approval from the National Bank of Romania (NBR) for the merger with Alpha Bank, completed in mid-August 2025. This involvement represented a natural extension of the services offered last year to UniCredit Italia in obtaining similar prior approval for the acquisition of more than 90% stake in Alpha Bank Romania.

Following the acquisition, the UniCredit Group has become one of the top three players on the Romanian banking market, with about 11% of the total assets in the Romanian banking system.

Within both projects, the members of the team involved coordinated the legal and business aspects related to the preparation and submission to the supervisory authority of the relevant documentation for the prior approval of the acquisition by UniCredit Italia of Alpha Bank Romania, respectively for the merger by absorption of the latter within UniCredit Bank S.A. The assistance provided covered the definition of the approval files strategy, the preparation of complex project management tools for both, the summarization in a centralized and user-friendly manner of the complete sets of documents and information required for approvals (mostly similar to the authorization of a new bank), as well as support in the preparation of the relevant legal and business documentation for each file, and also carrying out a mission based on agreed procedures on the financial forecasts, evaluation services and coordinating the collection and submission of relevant documentation.

"The quality and professionalism of the experts involved make any approach, no matter how complex, a success, and our collaboration with Reff & Associates and Deloitte Romania in this project proves it. Success is not just about actual results, but all the way towards them. The support and advice from Reff & Associates and Deloitte Romania’s colleagues were extremely valuable. And I say colleagues, because we were all part of a single team that made the impossible possible, at certain moments during the preparation of the approval files," said Diana Ciubotariu, Head of Legal, UniCredit Romania, who coordinated the legal aspects of the entire acquisition and merger process on behalf of UniCredit.

"The merger process was a complex one, which required careful coordination and multidisciplinary expertise. The collaboration with the Reff & Associates and Deloitte Romania team was excellent, their contribution being essential in the preparation of the file. We thank them for their professionalism and dedication," said Ani Cirstea, Head of Regulatory Affairs, UniCredit Romania, who coordinated the communication with the National Bank of Romania, on behalf of UniCredit.

The banking law team of Reff & Associates | Deloitte Legal involved in the project included lawyers Andrei Burz-Pinzaru, Partner, Patricia Enache, Senior Managing Associate, who coordinated the entire project, Bogdan Vlad, Senior Associate, and Andrei Banescu, Associate. Deloitte Romania's financial advisory team consisted of Andrada Tanase, Partner, Marius Vasilescu, Partner, Cristina Tache, Manager, Florin Iordanescu, Senior Consultant, as well as Andreea Micu, Senior Manager, Oana Ceban, Manager, Iulian Norocel and Victoria Tocan, Senior Consultants. At the same time, the team of auditors made up of Claudiu Ghiurluc, Partner, and Laura Gheorghe, Senior Manager, Deloitte Romania, also contributed to the success of the project.

"The success of these proceedings underlines the importance of a common and consistent approach, which combines the meticulous legal analytical skills of the lawyers with the deep understanding of banking activities and the implications of such transactions, from the advisory and audit teams. Our ability to effectively manage this complex process together, while ensuring compliance with all legal requirements, has provided us with valuable insights and enriched our expertise in navigating the legal and regulatory challenges specific to this type of proceedings, predicting potential challenges and opportunities in an ever-evolving financial environment, which positions us favorably for future similar transactions in the Romanian and regional banking sector. We thank the UniCredit team for the opportunity to be part of this complex, challenging process, which offered us multiple professional satisfactions," said Andrei Burz-Pinzaru, Partner at Reff & Associates | Deloitte Legal, and Head of the Financial-Banking Department.

"For Deloitte, this project represented a new opportunity to highlight the value of an integrated approach, combining legal, risk and regulatory expertise and managing the critical stages of a complex transaction. We are glad to have supported UniCredit Bank in navigating a difficult legislative framework and in transforming this stage of the process into a key moment of its evolution. This success confirms, once again, Deloitte and Reff & Associates' commitment to supporting the sustainable development of the local banking market and the creation of long-term value for clients, in a constantly changing regulatory context. We thank the entire UniCredit team for their trust and excellent collaboration during the projects carried out together," said Andrada Tanase, Advisory Partner, Deloitte Romania and coordinator of the risk and regulatory advisory practice for financial institutions.

UniCredit Bank is part of UniCredit Group, a European commercial bank, offering services in Italy, Germany, Austria, Central and Eastern Europe. Following the merger with Alpha Bank, the UniCredit Group consolidated its position on the Romanian market, both in the corporate and retail segments, reaching 11% market share in assets, 13% in total loans (together with UniCredit Consumer Financing) and 11% in total customers deposits. UniCredit Bank has now more than 4,800 employees, a wide network of 900 ATMs and a network of approximately 300 branches, in optimal proximity to the customers, providing them with efficient access to a wide range of financial solutions.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its approximately 460,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,200 professionals.

Please see Deloitte.ro to learn more about the global network of member firms.

Reff & Associates | Deloitte Legal is recognized as a leading law firm in Romania for the quality of services and ability to deliver solutions on complex legal matters. The areas of practice include banking and finance, competition, employment, energy and environment, insolvency, legal management consulting, litigation, corporate, mergers and acquisitions, public sector and real estate, as well as optimization of legal processes and the adoption of new technologies. The firm represents in Romania Deloitte Legal, a global network with more than 2,500 lawyers in 80 countries.

• As an independent company, AUMOVIO will pursue profitable growth and focus on technologies that generate value

• In Romania, AUMOVIO has approximately 13,000 employees across its sites in

Brașov, Iași, Sibiu, and Timișoara

• Dr. Liviu Bălan, Head of Country: “Our locations in Brașov, Iași, Sibiu, and Timișoara are future-ready: digitalized, innovative, and equipped with extensive capabilities. We are motivated to become a market leader together with AUMOVIO.”

Brașov, Iași, Sibiu, Timișoara. AUMOVIO, the new brand of the adaptive powerhouse for safe, exciting, connected and autonomous mobility of the future, was officially launched today in Romania. The company, to be spin off from Continental, operates in the automotive industry and is planned to become independent in mid - September.  It is expected to be listed on the Frankfurt Stock Exchange on September 18, 2025.

In Romania, AUMOVIO has a strong national presence, with operations in Brașov, Iași, Sibiu and Timișoara. The company runs four research and development centers (R&D) and two production facilities, located in Sibiu and Timișoara. The Romanian team includes approximately 13,000 employees, with more than half being engineers and IT specialists working in R&D.

“Same passion, a new identity - today marks the beginning of a new chapter – AUMOVIO - the adaptive powerhouse through cutting-edge electronic solutions and innovative technologies for software-defined and autonomous vehicles. Romania plays a key role in accelerating this transformation. Our locations in Brașov, Iași, Sibiu, and Timișoara are future-ready: digitalized, innovative, and equipped with extensive capabilities. We are motivated to lead the market alongside AUMOVIO and to contribute significantly from Romania, together with our teams in R&D, production, qualification laboratories, and global functions,” said Dr. Liviu Bălan, Head of Country AUMOVIO Romania.

AUMOVIO has implemented a comprehensive strategy program to support its value and growth trajectory as an independent company. The program has three strategic objectives:

1. AUMOVIO is to lead the market with pioneering, future-proof products. Products with a top three market position worldwide already account for more than 80 percent of global sales. AUMOVIO intends to expand this share with the help of its strong technologies in all profitable product segments.

2. AUMOVIO is to transform into a high-performance organization. This is underpinned by measures to further optimize the portfolio, improve processes, reinforce operational excellence and lower costs.

3. AUMOVIO is to deliver on its financial targets. This strategic pillar is driven by the long[1]term ambition of creating sustainable value for AUMOVIO’s future shareholder.

The technology and electronics company combines decades of experience and a strong market position with pioneering innovation and a global presence. From Romania, AUMOVIO offers a broad portfolio of solutions including sensors, displays, braking and comfort systems, backed by deep expertise in architecture platforms and advanced driver assistance systems for connected and autonomous mobility.

“At AUMOVIO, we believe success is not just a goal – it’s part of who we are. For 25 years, our people have been pushing the boundaries of technology and creating value in a constantly evolving market. They are the driving force behind our actions, and we provide them with the trust and support they need to shape the performance of our new company and contribute to the development of the entire community through their drive and work,” explains Lăcrămioara Dărăban, Head of Country HR AUMOVIO Romania.

All the company’s global business areas are also represented in Romania, ensuring a complete and well-established presence on the local market. The Autonomous Mobility (AM) business area offers a comprehensive range of products for automated and autonomous driving, holding a leading position in the global market for commercial vehicles and key autonomous driving components and systems (e.g.: sensors, radars, etc.). With its “as a service” approach, the business area is also tapping into new business models.

The Architecture and Network Solutions (ANS) business area is geared to the key requirements of the software-defined vehicle, with a product portfolio encompassing high[1]performance computers, telematics, drive systems, sensors and actuators. Today, ANS already occupies a leading market position with around 90 percent of its core product portfolio.

With more than 100 years of experience in vehicle safety, the Safety and Motion (SAM) business area is one of the global market leaders in brake systems, integrated safety systems and sensor systems. The business area is a pioneer in developing dry brake systems and was one of the first suppliers to receive a high-volume order for a semi-dry brake system. AUMOVIO sees tremendous potential for the future in these brake systems due to their improved product characteristics.

In the User Experience (UX) business area, AUMOVIO is a leading provider of display solutions and head-up displays. UX has a broad and diversified portfolio ranging from modern high-tech displays to competitive products for the high-volume market. UX expects the value of components installed per vehicle to increase in the future, driven by larger displays and new products such as scenic view head-up displays that extend across the full length of the dashboard. Furthermore, UX intends to consolidate its competitive strength by leveraging economies of scale in production in its megafactories.

AUMOVIO Romania aims to be recognized, even under this new organizational structure, as a trusted, agile, and responsible partner — both internally and externally.

AUMOVIO continues the business of the former Continental group sector Automotive as an independent company with its spin-off in September 2025. The technology and electronics company offers a wide-ranging portfolio that makes mobility safe, exciting, connected, and autonomous. This includes sensor solutions, displays, braking and comfort systems as well as comprehensive expertise in software, architecture platforms, and assistance systems for software-defined vehicles. In the fiscal year 2024 the business areas, which now belong to AUMOVIO, generated sales of 19.6 billion Euro. The company is headquartered in Frankfurt, Germany and has about 87.000 employees in more than 100 locations worldwide.

Termene.ro, the business intelligence platform that helps companies make fast and reliable decisions, announces the appointment of Radu Vucea as Chief Product Officer (CPO). He is one of the most respected Romanian specialists in digital design and product strategy, with over 14 years of experience at world-class technology companies such as Adobe, Fitbit, and Meta, where he contributed to the launch and scaling of digital products with millions of active users.

This appointment follows a series of strategic moves: two years ago, Termene.ro acquired Confidas — an innovative startup specializing in company credit reports, used by over 20,000 entrepreneurs and quickly integrated into the Termene360 AI strategy, further developed with artificial intelligence (AI) and machine learning technologies. Later, the company relocated its headquarters to Bucharest and welcomed Ionuț Bonoiu, former Editor-in-Chief at Forbes Romania, as Head of Context & Clarity, who now leads the launch of a data- and AI-driven editorial division. This division positions Termene.ro not only as a provider of information but also as a relevant source of contextualized economic analysis.

Radu Vucea’s move to Termene.ro marks a new stage for the company, which is entering a phase of development based on a Product-Led Growth (PLG) model. After years of accelerated expansion through direct sales, the company is transitioning to a strategy where the product itself becomes the primary engine for acquisition and retention, with user experience at the heart of its growth process.

“We’ve made history in our industry with a sales-driven growth model, but now it’s time for the product to take the lead. For this step, we needed a leader with global experience in building and scaling digital products. Radu’s expertise is essential for this new chapter of Termene.ro: he brings the mix of strategic vision and practical execution needed to scale intelligently and sustainably, and to build a truly product-led organization,” said Adrian Dragomir, founder of Termene.ro.

Radu Vucea’s career reflects a unique combination of product design, strategy, and organizational leadership. At Adobe and Fitbit, he learned how to validate and launch products from the ground up, turning them into solutions generating millions of dollars in revenue. Among his achievements at Fitbit are the launch of the company’s first kids’ product, the introduction of the Active Zone Minutes metric — highly relevant during the pandemic — and bringing in the first million paying subscribers to Fitbit Premium. His experience at Meta was complementary: there, he learned how to scale products that already had millions of active users, working in the Metaverse area (around 5 million users) and focusing on growth projects and the development of innovative products. In parallel, he has been active in professional communities and educational programs, being recognized as a mentor and trainer for new generations of specialists.

His motivation to join Termene.ro also has a personal side: for several years, he has used the platform as a client, directly experiencing its value.

“I discovered Termene as a customer and saw how useful the platform is in decision-making. I believe it has huge potential to become a strategic partner for the Romanian business environment and, over time, a key player in neighboring markets as well. The experience I gained at global companies helps me bring structure and rigor, but also a mindset of innovation and continuous experimentation. My goal is for Termene to become not just a data provider, but a platform that simplifies decisions and offers companies real competitive advantage,” said Radu Vucea, Chief Product Officer, Termene.ro.

In the short term, the new CPO will oversee the strengthening of the platform’s current user experience and balance innovation speed with a high level of quality. A major objective is the implementation of the Product-Led Growth model, in which the product “sells itself” through the value it delivers, reducing the time from discovery of the platform to generating concrete results for clients.

Through this strategy, Termene.ro aims for significant growth acceleration, based on rapid scaling of platform usage, shorter adoption cycles, and increased client retention. The Product-Led Growth model, combined with the integration of advanced AI functionalities, will enable the company to expand its client base and increase the average value generated per user. Internal estimates suggest that this transition could support annual growth of over 50%, while consolidating the foundation for expansion into neighboring markets.

Founded by entrepreneur Adrian Dragomir, Termene.ro is today the most comprehensive business intelligence platform in Romania, used by over 130,000 professionals and more than 6,000 subscribed companies. Through access to integrated data, up-to-date financial and legal information, and innovative digital solutions, Termene.ro has become an indispensable tool for the business community and journalists, who use the platform as a source of information and research. In addition, the company is developing Romania’s first economic journalism division built natively on data and artificial intelligence, thereby complementing its role as an information provider with that of a producer of context and analysis.

Bucharest, September 1, 2025 - Romania ranks fourth in the top of the European countries with the cheapest housing, after Turkey, Bosnia and Herzegovina and Albania, with an average price of 1,676 EUR/sqm in 2024, up 11.5% from 1,504 EUR/sqm in 2023, according to Deloitte Property Index 2025, conducted in the main cities in 28 countries (out of which 21 in the European Union). Luxembourg (reintroduced into the study after a few years of hiatus) is the most expensive country, with an average of 8,760 EUR/sqm in 2024.

Overall, 18 of the 28 countries analyzed recorded increases in average housing prices, the most important being in Poland (+19.3%) and Albania (+16.5%), while notable decreases were recorded in Turkey (-12%), Luxembourg (-3.4%) and the Netherlands (-2.3%).

Among the EU member countries analyzed by the study, high prices are also recorded in Austria (5,053 EUR/sqm), Portugal (5,049 EUR/sqm), Finland (4,889 EUR/sqm) and Germany (4,800 EUR/sqm), while prices below 2,000 EUR/sqm are recorded only in Greece (1,792 EUR/sqm) and Romania (1,676 EUR/sqm), noting that for Bulgaria and Ireland there is no data on the national average.

"Residential property prices in Europe continue to reflect a complex interplay between the constraints of the supply of new housing, namely rising construction costs, tighter financing conditions and more complex regulations, and concerns about the economic outlook and the evolution of living standards in the countries analyzed. Romania is among the countries with increasing prices in 2024 amid high demand and the shortage of new dwellings, and the trend continues, at least in the short term, given the VAT increase to 21% for new dwellings (including those that benefited from reduced rate), and urbanism uncertainty mainly in Bucharest. On the other hand, the reignition of inflation keeps financing costs high, making mortgage loans, which have largely supported the market in 2024, less affordable," said Irina Dimitriu, Partner at Reff & Associates | Deloitte Legal and Real Estate Industry Leader at Deloitte Romania.

Luxembourg dominates the ranking of the European cities, with an average price of 11,074 EUR/sqm in the capital city, while Munich ranks second (10,800 EUR/sqm) and Paris third (10,760 EUR/sqm). In Romania, the highest rents are recorded in Cluj-Napoca, 2,770 EUR/sqm, and Brasov respectively (1,897 EUR/sqm), while Bucharest ranks third, with 1,757 EUR/sqm. This places our country among the European states in which the most expensive city is not the capital, alongside Germany, whose ranking is led by Munich, Italy with Milan and Spain with Barcelona ranking first.

In the rental market the ranking is similar - Luxembourg City is first, according to the available data analyzed by the Deloitte study, with an average monthly rent of 43.4 EUR/sqm. The second highest is Paris, with an average rent of 32 EUR/sqm, followed by Dublin with 31.7 EUR/sqm. Other 15 cities in the analyzed countries recorded rents between 20 and 29.9 EUR/sqm (including Barcelona - 29.9 EUR/sqm, Oslo - 27.3 EUR/sqm, Madrid - 27.1 EUR/sqm and Amsterdam - 26.3 EUR/sqm). Among the cities in the EU countries analyzed, the cheapest in terms of rent are Plovdiv, Varna and Sofia in Bulgaria (between 5.7 and 8 EUR/sqm), and Patra in Greece (7 EUR/sqm). In Romania, Bucharest and Cluj-Napoca are ranked with the highest rents among the cities analyzed, with 10.3 EUR/sqm on average per month, both up from the previous year, followed by Brasov, where tenants pay an average of 9.2 EUR/sqm per month (similar to 2023).

"Limited housing supply is also reflected in rising rents, especially in large cities, with development potential above the national average. These areas were also the most active in terms of transactions last year, as well as in the first part of 2025, when activity also increased prior to the new housing VAT rate that came into effect. However, a revival of residential constructions is needed, after more than 20% decrease last year, to ensure the renewal of the housing stock in Romania and, implicitly, to improve the housing conditions for the population", said Marius Vasilescu, Advisory Partner, Deloitte Romania.

The 14^th edition of the Deloitte Property Index study analyzes the evolution of the residential real estate market in 28 countries and 77 cities in 2024. All price statistics collected are converted in euros to ensure comparable results.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its approximately 460,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,200 professionals.

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CTP, Europe’s largest listed developer, owner, and manager of industrial and logistics properties by gross lettable area (GLA), has appointed Ronald Binkofski as Managing Director for Romania, as it moves towards achieving its ambitious goal of reaching €1 billion of annualised rental income across its European portfolio in 2027.

Ronald will lead on driving CTP’s continued expansion in Romania, growing the firm’s footprint in the country where CTP already has a 3.1 million sqm GLA portfolio across 35 modern sustainable CTParks, alongside a 4.2 million sqm GLA landbank available to support substantial future growth. As Managing Director for Romania, Ronald will also support CTP and its Romanian clients with implementing systems to enhance key business operations focusing on areas including customer insights, supply chains, and distribution channels, leveraging his 30-years’ experience working in technology, big data and Central Eastern European (CEE) markets.

Ronald joins CTP from STX Next, the international data, AI and cloud solutions business where he was CEO, and drove delivery of advanced software development and AI solutions, enabling companies to grow digitally and embrace new technology. Prior to this he spent over 12-years at Microsoft, where he was responsible for expanding the company’s presence in Poland, Romania, and the wider CEE region while contributing to high-impact projects. He also served as President and Vice President of EMEA for US international conglomerate Honeywell. 

Romania is cementing its position as a European manufacturing hub. There is growing demand from businesses for the Grade A industrial real estate that CTP offers that can help them innovate and use technology to drive performance. Multinationals are also looking to Romania to meet logistics requirements attracted by its competitively priced labour, location within the EU and quality infrastructure connecting it to the rest of Europe. Occupier demand is also being supported by firms nearshoring their production to Europe in the face of a shifting geopolitical backdrop.

Remon Vos, CEO, CTP Group said: “We welcome Ronald to the business. His decades of experience holding leadership positions for major technology companies in CEE make him uniquely placed to expand CTP in Romania. He will provide us and our clients with long-term benefits by harnessing his knowledge of everything from AI to software to big data.”   

Ronald Binkofski, Managing Director for Romania at CTP, commented: “Joining CTP, a thriving company with an impressive footprint and ambitious vision, is an exciting opportunity. We have ambitious plans in Romania’s ever more dynamic market where CTP has already built a strong foothold with its network of modern sustainable Parks and the extensive list of major businesses that call them home. I look forward to contributing to the continued growth of the business and to creating sustainable value for our partners and clients.”

CTP is home to and helping businesses expand in Romania with CTParks in key locations including Bucharest, Timișoara, Arad, Oradea, Sibiu, Craiova and Brașov.

About CTP

CTP is Europe’s largest listed owner, developer, and manager of logistics and industrial real estate by gross lettable area, owning 13.5 million sqm of GLA across 10 countries as at 30 June 2025. CTP certifies all new buildings to BREEAM Very good or better and earned a negligible-risk ESG rating by Sustainalytics, underlining its commitment to being a sustainable business. For more information, visit CTP’s corporate website: www.ctp.eu

CONTACT DETAILS FOR ANALYST AND INVESTOR ENQUIRIES:

CTP 

Maarten Otte, Head of Investor Relations

Email: maarten.otte@ctp.eu

IR TEAM

Email:  investor.relations@ctp.eu

CONTACT DETAILS FOR MEDIA ENQUIRIES:

SEC Newgate UK

Email: ctp@secnewgate.co.uk

Sorina Florescu

Head of Marketing & PR CTP România

Email: sorina.florescu@ctp.eu