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Bucharest, August 3, 2026 – A multidisciplinary team of 33 specialists from Deloitte Romania, with expertise in audit, financial advisory, tax, valuation, risk and regulation, together with lawyers specialized in financial-banking law, state aid and public procurement, corporate law and personal data protection from Reff & Asociații | Deloitte Legal assisted Investment and Development Bank (IDB) in the pillar assessment carried out by the European Commission (EC).  This type of assessment is one of the most complex institutional evaluation processes applied to organizations that can manage financial instruments financed from the European Union budget, and its completion marks the fulfillment of a milestone assumed by Romania as part of the National Recovery and Resilience Plan (PNRR).

"The pillar assessment is a process that thoroughly tests the way a financial institution is built and operates. Conducting such an assessment requires both technical expertise and an ongoing dialogue between the auditor and the organization. We appreciate the professionalism and independence of the Deloitte Romania team, which carried out this mission with rigor and objectivity, in accordance with the European Commission’s standards", said Raluca Nicolescu, General Manager, Investment and Development Bank.

The multidisciplinary team Deloitte Romania and Reff & Asociații, which assisted IDB throughout the entire evaluation process, brought together legal, regulatory, financial, tax, governance, risk management, cybersecurity and digital operational resilience expertise, to meet the complex needs of the project. Deloitte Romania's advisory team  consisted of Claudiu Ghiurluc, Andrada Tănase, Alexandra Smedoiu and Alin Chitu, Partners, Laura Lică-Banu and Andrei Stan, Directors, Andreea Micu, Cristina Rusu, Cristina Viisoreanu, Cristina Cojocaru, Angela Borza and Silvia Mata, Senior Managers, Lavinia Munteanu, Miruna Ciopeală and Paul Evi, Managers, Victoria Tocan, Florin Iordănescu, Gheorghe Borta, Ioana Popa, Marinela Tanase and Ioana Popa, Senior Consultants, Luca Birtalan, Cătălin Simache, Consultants. The financial-banking, corporate, public procurement, personal data protection teams of Reff & Associates included Andrei Burz-Pînzaru and Georgiana Singurel, Partners, Silvia Axinescu, Counsel, Adrian Coman and Roxana Bratosin, Senior Managers, Bogdan Vlad, Corina Damaschin and Florin Grumeza, Senior Associates, Sebastian Maxiniuc and Tudor Munteanu-Jipescu, Associates.

"This mission confirmed our multidisciplinary team’s ability to meet exceptionally rigorous requirements, at the intersection of audit, financial, legal and regulatory expertise. The successful completion of the pillar assessment for IDB is a result with a direct impact on the way in which Romania will be able to access European Union funds, and Deloitte's contribution to this approach reflects our commitment to projects of strategic importance for the national economy", said Andrada Tanase, Partner, Advisory, Deloitte Romania. 

"More than 4,000 hours invested by a team of 33 Deloitte professionals with skills and knowledge covering both the specific requirements of the nine pillars defined by the European Commission, as well as a good part of the IDB's operational, governance, risk management and financial processes, all summarized in a 400-page report (including appendices) that met the requirements of the European Commission. I feel privileged to have been part of such a team that successfully delivered a project of special importance for both IDB and Romania", said Claudiu Ghiurluc, Partner, Audit and Assurance, Deloitte Romania.

The EC assessment confirms the strengthening of the bank's capacity to implement financial instruments supported by European Union funds and comprised nine pillars: the internal control system, the accounting system, independent external audit, providing financing from EU funds through grants, procurement, financial instruments, exclusion from access to finance, publication of information on recipients and protection of personal data.

Investment and Development Bank is the only development bank 100% owned by the Romanian state, through the Ministry of Finance. IDB contributes to Romania's economic and social development by facilitating access to finance, mobilizing investments, and implementing financial instruments that support the economy's competitiveness, innovation, and the transition to sustainable development.

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 180-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its over 470,000 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 3,300 professionals.

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

The next phase of the AI Act begins on 2 August 2026, when its transparency obligations become directly applicable across the EU. Discover the new requirements for businesses developing or using AI systems, the distinction between providers and deployers, the rules on AI-generated content, and the compliance measures companies should implement before enforcement begins.

Main points of interest we cover in the article:

■ Who is affected by the AI Act's transparency obligations from 2 August 2026.
■ The different obligations applicable to AI providers and deployers.
■ When users must be informed that they are interacting with an AI system.
■ The rules for labelling AI-generated content, including deepfakes and synthetic public-interest content.
■ When a deployer may become a provider, and the resulting compliance implications.
■ A practical compliance checklist to help organisations prepare for the new requirements and mitigate regulatory risks.

Read more ≫

Bucharest, July 2026: The first half of 2026 recorded a total investment activity of €211.1 million, marking a 46% decrease compared to the same period last year. However, following the completion of AFI Europe’s acquisition of a portfolio of six retail parks from MAS Real Estate and several smaller transactions, during the first seven months of the year, the total investment volume has already exceeded the level recorded throughout the whole of 2025, according to the Marketbeat Investment H1 2026 report published by Cushman & Wakefield Echinox.

During the first six months of the year, the office sector accounted for the largest share of investment activity, attracting €138 million, or approximately 65% of the total transaction volume. Following the completion of the €282 million AFI Europe-MAS Real Estate transaction in early July, the retail sector regained its position as the most transacted asset class, with a volume exceeding €350 million.

Other notable transactions completed in the first half of the year included the @EXPO office complex in northern Bucharest, the NEST retail parks in Miercurea Ciuc and Moinești, the Record Park office scheme in Cluj-Napoca and the Equilibrium 2 office building in Bucharest’s Floreasca–Barbu Văcărescu submarket.

In terms of capital origin, investors from Central and Eastern Europe, including Romanian investors, were the most active, accounting for €144 million (68% of the total volume), followed by Turkish investors, with €52 million (25% of the total).

Cristi Moga, Head of Capital Markets Cushman & Wakefield Echinox: “Romania’s real estate investment market remained active despite a broader environment marked by economic and political uncertainties, successfully attracting two new investors - Turkey’s Mondo Development, which acquired the @EXPO office complex, and Czech-based Star Capital Finance, the new owner of the NEST retail parks in Miercurea Ciuc and Moinești. At the same time, AFI Europe’s €282 million acquisition of the Value Centres portfolio from MAS Real Estate, the second-largest transaction ever completed in Romania’s real estate market, demonstrates that investors with a strong understanding of local market fundamentals remain confident in the sector’s long-term performance and are willing to execute large-ticket transactions.”

The macroeconomic environment remains challenging, with Romania’s economy contracting by 0.3% in the second quarter, while inflation hovered around 10% during the first half of the year. Nevertheless, the report highlights that an economic recovery and a more stable political environment could support a stronger pace of investment activity in the second half of the year, with several medium- and large-sized transactions currently in advanced stages of execution.

The prime yields remained stable for all segments in H1, being quoted at 7.00% for high street units on Calea Victoriei, 7.25% for office & shopping center units and 7.50% for industrial spaces. These levels remain 100-200 basis points above those recorded in most Central and Eastern European markets, further strengthening Romania’s appeal to investors seeking a balanced risk-return profile.

Cushman & Wakefield Echinox is the exclusive affiliate of Cushman & Wakefield in Romania, an independently owned and operated company. With a team of more than 80 professionals, the company provides a full range of real estate consultancy services to investors, developers, owners and occupiers. For more information, please visit www.cwechinox.com. 

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 53,000 employees in nearly 60 countries and across more than 350 offices. In 2025, the firm reported revenue of $10.3 billion across its core service lines of Services, Leasing, Capital Markets, Valuation and others. For additional information, visit www.cushmanwakefield.com. 

The new set of measures on semiconductors, AI and cloud infrastructure aims to strengthen the EU’s position as an “AI continent”, while strategies on open-source and energy sustainability support implementation

Authors: Flavius Florea (Counsel), Cătălin Velişcu (Associate) – Wolf Theiss

On 3 June 2026, the European Commission published a set of measures designed to reinforce the EU’s digital autonomy in key fields of technological development. Referred to as the “European technological sovereignty package” (“ETSP”), the policy update forms part of the EU’s broader efforts to increase digital autonomy and reduce reliance on suppliers outside of the Single Market. At the same time, the proposals aim to strengthen the EU’s position as an AI continent and continue the trend towards simplifying administrative burdens and corporate compliance requirements, particularly for small and medium-sized enterprises.

In this context, the ETSP introduces the following measures, all aimed at enhancing digital autonomy:

·        A proposal for the Chips Act 2.0 (“CA2”), addressing the growing reliance on semiconductors for data centres, cloud services and AI development.

·        A proposal for a Cloud and AI Development Act (“CADA”) aimed at supporting technological development while reducing dependence on providers outside the EU.

·        A strategy on open-source software and a roadmap for the integration of digital infrastructure within the energy sector.

Following the Commission’s AI continent action plan, the ETSP aims to accelerate progress towards a more sovereign technological infrastructure for core EU services.

While the legislative proposals remain subject to negotiation and adoption by the European Parliament and the Council, the Commission’s current plans would have a direct impact on the private sector, with certain provisions tailored for small and medium-sized enterprises (“SMEs”). These initiatives complement recent EU efforts, such as the digital omnibus, which focus on reducing administrative burdens where possible.

1        A sovereign basis for digital infrastructure – Chips Act 2.0

Given that the global economy is heavily dependent on semiconductor technology, the EU aims to reduce its dependence on suppliers from third countries. CA2 builds on its predecessor^[1] and seeks to address structural vulnerabilities in the EU’s position in this market, particularly during crisis scenarios. From a general perspective, CA2 is intended to improve conditions for investments and strengthen the EU’s role in the semiconductor value chain, reducing exposure to market disruptions. This includes support for production within the EU through the introduction of the Chips for Europe Initiative 2.0. Broadly, the Initiative aims to strengthen procurement procedures for semiconductors manufactured in the EU, expand testing and experimentation facilities, support the development of quantum chips and photonic technologies and facilitate access to finance through clear guidance particularly for start-ups, scale-ups, small mid-caps and SMEs.

In practical terms, the measures include support for research, development and innovation, faster permitting through time-limited procedures for manufacturers and the creation of a business-to-business platform to enhance transparency and resilience within the market. In addition, CA2 would introduce a “semiconductor regions of excellence” label to increase the attractiveness of investment in selected areas. Certain information-sharing obligations are foreseen for the private sector, although SMEs are excluded. This reflects a coordinated legislative approach aimed at reducing compliance burdens and supporting business growth.

Increased cooperation and innovation under the framework may also stimulate demand, benefitting smaller businesses.

The expansion of manufacturing capacity is accompanied by simplification measures targeting administrative processes. From a public sector perspective, the EU also seeks to strengthen its position in supply chains, particularly in sectors identified as high risk by the Commission. CA2 further establishes mechanisms for monitoring and crisis response, including measures to prevent or mitigate semiconductor shortages.

Undertakings operating within the semiconductors value chain and active within the European market may therefore be subject to specific regulatory obligations. For example, the Commission may request information to assess risks of supply chain disruption. During crisis situations, such requests may extend to production capabilities, capacities and existing disruptions. Where requests for information originate from third-country authorities, undertakings must notify the Commission without delay. During a crisis stage, the Commission may also issue priority-rated orders of crisis-relevant products. If similar requests are made by third countries, the Commission must again be informed promptly.

The Commission would also be empowered to impose penalties for non-compliance, including:

·        A maximum of EUR 300,000 for supplying incorrect, incomplete or misleading information in response to a request in the context of a semiconductor shortage.

·        A maximum of EUR 150,000 (or EUR 50,000 for SMEs) for failing to inform the Commission of enquiries from third countries regarding semiconductor activities.

·        Periodic penalties of up to 1,5% (or 0,5% for SMEs) of the current daily turnover for each working-day of non-compliance with obligations to prioritise production of crisis-relevant products.

2        An AI continent grounded in the cloud – Cloud and AI Development Act

The deployment of AI relies on data centres and processing capacity supported by robust cloud infrastructure. The EU currently remains dependent on non-EU operators in this market, similar to the semiconductor sector. CADA seeks to address this dependence by establishing definitions of EU cloud and AI sovereignty and by pursuing three main objectives:

·        Supporting innovation through increased funding and prioritising open-source solutions for cloud and AI infrastructure.

·        Accelerating the deployment of data centres through administrative simplification, the designation of data centre acceleration zones and strategic projects and enhanced cooperation between Member States.

·        Establishing an EU framework for cloud and AI sovereignty, including the federation of public sector resources and regulatory measures targeting private actors in the essential sectors listed in Annex I of the NIS 2 Directive.

Although increased digital activity may lead to higher resource consumption, the Commission considers that CADA could contribute to reducing the EU’s carbon footprint in the data centre sector through improved efficiency and sustainability measures.

Similar to CA2, CADA also aims to strengthen business capabilities by simplifying processes and lowering barriers to market entry. In particular, it is expected to create opportunities for EU-based providers by reducing reliance on non-EU operators.

3         An integrated approach through non-binding measures – open-source strategy and energy sector roadmap

Complimenting CADA and CA2, the open-source strategy is intended to support the sustainability of open-source technologies across their lifecycle. For the private sector, an improved environment for open-source developments may reduce entry barriers and promote innovation. The strategy targets the open-source ecosystem through several measures:

·        Promoting open-source solutions in EU policymaking.

·        Strengthening cooperation with Member States through the adoption of open-source solutions in public services.

·        Providing guidance on public procurement for open-source investments.

·        Supporting the development of open-source technologies in critical sectors.

·        Ensuring long-term maintenance and the development of relevant skills needed for open-source technologies.

Regarding the strategic roadmap for digitalisation and AI in the energy sector, the Commission sets out plans to significantly expand data centre capacity within the EU over the coming years. At the same time, it recognises that data centres currently account for approximately 2.5% of the EU’s electricity consumption The roadmap therefore focuses on the sustainable integration of data centres and AI into the energy system, including measures such as: establishing minimum energy performance standards, improving grid planning through enhanced information exchange, enabling flexible connection agreements, using AI for smart grid optimisation, developing EU-wide key performance indicators and enhancing interoperability.

The ETSP represents a step towards strengthening the EU’s technological autonomy in key sectors. From a practical perspective, it will be interesting to see how the provisions of CA2 and CADA are applied in practice, assuming that they pass through negotiations successfully and the extent to which digital sovereignty becomes a reality for the EU. Nonetheless, their legislative development should be closely monitored in order to align early with compliance obligations and coordinate with other requirements within the EU’s technological framework.

A multidisciplinary team of lawyers specialized in banking and finance law from Reff & Associated | Deloite Legal and advisors from Deloitte Romania assisted NETOPIA Payments, one of the pioneers and leading players in the local digital payment market, in the process of obtaining the payment institution license from the National Bank of Romania. The company thus marks a significant milestone in its evolution and opens a new chapter in the development of financial services.

The authorization process involved aligning the company’s operating model, governance framework and internal control systems with the regulatory standards applicable to licensed financial institutions, reflecting both the complexity of the regulatory requirements and the maturity of the company’s payments infrastructure.

Reff & Associates | Deloitte Legal and Deloitte Romania multidisciplinary team, which assisted NETOPIA throughout the authorization process, combined expertise in legal and regulatory matters, financial services regulations, corporate governance, risk management, anti-money laundering and counter-terrorism financing, cybersecurity, and digital operational resilience expertise, reflecting Deloitte's multidisciplinary approach to complex transformation and authorization projects in the financial sector. The banking and finance team of Reff & Associates | Deloitte Legal included Andrei Burz-Pinzaru, Partner, Danut Arion, Managing Associate, Andrei Banescu and Bogdan Vlad, Senior Associates. Deloitte Romania's advisory team consisted of Andrada Tanase, Partner, Laura Lica-Banu, Director, Silvia Mata, Assistant Director, Raluca Anton and Cristina Viisoreanu, Senior Managers, Oana Ceban, Lavinia Munteanu and Octavian Popa, Managers, and Victoria Tocan, Senior Consultant.

"Transitioning from a fintech company to a regulated payment institution is a highly rigorous process that tests the limits of any organization’s ability to adapt and its governance structure. For NETOPIA, the support provided by the joint team of Deloitte and Reff & Associates was essential in achieving this important milestone. The integrated approach – combining legal rigour, risk management, technology, and cybersecurity expertise – enabled us to align our payments infrastructure to the highest industry standards. Together we have demonstrated that fintech innovation can successfully coexist with a robust compliance framework, creating the foundation for future growth opportunities in the local market. We are grateful for this successful partnership," said Delia Paceagiu, COO, NETOPIA Payments.

"The financial services industry is undergoing a profound transformation in which innovation and growth must be supported by strong governance, effective control, and operational resilience mechanisms. NETOPIA’s authorization as a payment institution, an achievement we are proud to have supported, demonstrates that Romania’s fintech ecosystem has reached the maturity required to build financial institutions operating to European regulatory standards. The project also confirms the value of Deloitte's multidisciplinary model, in which legal, regulatory, risk, and technology expertise work together to respond to challenges that can no longer be addressed through a single practice area, and the new role of the lawyer involves understanding and integrating complex requirements related to regulation, governance, operational resilience, cybersecurity and risk management," said Andrei Burz-Pinzaru, Partner, Reff & Associates | Deloitte Legal.

"NETOPIA’s authorization as a payment institution confirms that organizations that invest early in compliance, risk management, and security are best positioned to capitalize on the development opportunities created by the digital transformation of the financial sector. Transforming a technology company into a regulated financial institution is a complex process, which significantly goes beyond the legal dimension of an authorization and involves adapting the operating model, internal control framework and governance mechanisms to the standards applicable to financial institutions," said Andrada Tanase, Partner, Deloitte Romania. 

NETOPIA Payments is one of the leading digital payment solutions providers in Romania, offering a broad range of payment acceptance services and serving an extensive portfolio of business operating across the digital economy.

Reff & Associates | Deloitte Legal is celebrating 20 years of activity in the Romanian market, during which it has steadily grown and consolidated its position in the business law, and its activity has expanded to 14 practice areas. With a team of 85 lawyers specialized in the main areas of practices of business law, the firm 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, business integrity, capital markets, competition, consumer business and data protection, corporate, commercial and mergers and acquisitions, dispute resolution, employment, energy and environment, insolvency, intellectual property, legal management consulting, public sector and real estate, as well as tax controversy. The firm represents in Romania Deloitte Legal, a global network with more than 3,100 lawyers in 75+ countries.

For more information about Reff & Associates, please visit www.reff-associates.ro.

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 180-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its over 470,000 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 3,300 professionals.

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

AI is rapidly becoming a strategic enabler across the industrials sector – transforming operations, supply chains, asset management, and decision-making.

But our latest industrials sector deep dive, from The AI Year, reveals a clear shift: the challenge is no longer whether to adopt AI, but how to implement it effectively, responsibly, and at scale.

Drawing on insights from global industrials sector leaders, this deep dive report:

• Explores the current state of AI adoption across the industrials sector.
• Examines three key pressure points organisations face when embedding AI at scale.
• Sets out practical actions industrial sector leaders can take to strengthen the resilience and long-term value of their AI ecosystem.
• Discover how leading industrials businesses are moving beyond experimentation to unlock sustainable value from AI.

Read the industrials deep dive report

What this means
The agenda for industrials sector leaders is shifting quickly, from innovation to execution, control, and resilience. Organisations that move now to strengthen governance, data strategy, and liability frameworks will be better positioned to deliver value from AI - and manage the risks that come with it.

Make AI clarity, your competitive advantage.

DLA Piper supports industrials sector businesses across the AI lifecycle, helping you design it, power it, fund it, govern it, and put it to work, with confidence.
 

CMS advised Poland's Zakłady Farmaceutyczne Polpharma S.A. (Polpharma), the largest Polish pharmaceutical manufacturer, on its acquisition of BIOFARM S.A., one of Romania's longest-established pharmaceutical companies and a listed issuer on the Bucharest Stock Exchange.

The acquisition was implemented through a voluntary takeover bid at a price of RON 1.3790 per share. Approved by the Romanian Financial Supervisory Authority, the transaction had a total value of approximately RON 1.36bn (EUR 270m).

The takeover stemmed from an implementation agreement signed on 6 May 2026 between Polpharma, Longshield Investment Group and Lion Capital. Under the agreement, Longshield Investment Group and Lion Capital, together holding approximately 88.4% of Biofarm's share capital, committed to tender their shares into the offer.

At approximately EUR 270m, the acquisition represents one of the most significant public M&A transactions on the Romanian capital markets in recent years and one of the largest in Romania's pharmaceutical sector.

Agnieszka Deeg-Tyburska, Member of the Management Board of Polpharma, said: “This transaction was an important strategic priority for the Polpharma Group and a significant step in expanding our footprint in the region. CMS combined deep local expertise with seamless cross-border coordination, helping us navigate a complex and highly regulated process successfully. We greatly appreciated their support throughout the project.”

The transaction was delivered by a highly integrated, cross-disciplinary CMS team, whose close cross-office and cross-practice collaboration was instrumental to its success. CMS advised Polpharma throughout all stages of the deal, including the implementation agreement, regulatory approvals, W&I insurance and the voluntary takeover bid process.

Helen Rodwell, Partner and Head of the Corporate and M&A practice at CMS Prague, commented: “We are delighted to have supported Polpharma on this landmark transaction. The acquisition of Biofarm represents a significant strategic investment in the Romanian pharmaceutical market and highlights the continued attractiveness of the CEE region. The matter required seamless coordination across multiple jurisdictions and practice areas, and we are grateful to Polpharma for the trust they placed in the CMS team throughout the process.”

Rodica Manea, CMS Bucharest Corporate Partner, comments: “We would like to congratulate Polpharma and Biofarm on this transaction, which represents a strategic milestone for both companies. We are confident that Polpharma's investment will further strengthen Biofarm's position as a leading pharmaceutical company in the region. The transaction's successful completion reflects the strength of our cross-practice, cross-border collaboration and our ability to deliver on complex, multi-jurisdictional transactions.”   

Cristina Reichmann, Partner and Head of Capital Markets, FIS, and Structured Finance at CMS Bucharest, comments: “We are delighted to have supported Polpharma on its successful voluntary takeover bid for Biofarm. This deal underscores the growing attractiveness of the Romanian market to international investors, and we are proud to have supported Polpharma's strategic expansion in the region.”

Overall project coordination was led by Helen Rodwell (Corporate/M&A), with Frances Gerrard (Corporate/M&A) playing a key role in leading the transaction workstreams.

CMS advice on the Romanian aspects of the transaction was led by Rodica Manea (Corporate/M&A), with Rares Crismaru (Corporate) playing an instrumental role throughout the project. Capital markets assistance was led by Cristina Reichmann (Capital Markets) and supported by Mircea Ciuta (Banking & Finance), while regulatory approvals were handled by Claudia Nagy (Corporate), and real estate aspects of the transaction were led by Aura Georgiana Marina (Real Estate), under the supervision of Roxana Frățilă (Real Estate).

Notes to editors:

About CMS

Founded in 1999, CMS is an international organisation of independent law firms that offers full-service legal and tax advice. With over 90 offices in over 50 countries across the world and more than 7,200 lawyers, 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 & Pensions, Intellectual Property and Real Estate.

For more information, please visit cms.law 

About Polpharma Group

The Polpharma Group is a leading regional manufacturer of pharmaceuticals. It is active in the markets of Central and Eastern Europe, the Caucasus, and Central Asia. For over 90 years, it has enjoyed the trust of patients, healthcare professionals, and business partners, offering modern medicines, active substances, and innovative solutions to patients and business partners around the world.

Every year, Polpharma Group factories produce 400 million packages of medicines, which are sold directly or through a network of partners in over 40 countries around the world. The Polpharma Group comprises: Zakłady Farmaceutyczne Polpharma S.A. in Poland, Zakłady Farmaceutyczne Santo in Kazakhstan, and companies Farmaprojects in Spain, 089Farm in Germany, and Swiss Pharma International in Switzerland. The Group employs 5,600 people.

DHL Express Romania today announced the launch of Balkan Express, a new dedicated road service for shipments to and from Bulgaria, available through DHL Economy Select. Designed to enhance DHL Express's road network, the new solution addresses the growing demand from Romanian businesses for faster, more reliable, secure, and cost-effective transport services to and from neighboring countries.

The launch of Balkan Express comes at a time when international trade continues to demonstrate remarkable resilience. According to the DHL Global Connectedness Report 2026, global connectedness has reached a new all-time high, while Europe remains the world's most connected region in terms of trade and economic flows. In this environment, strong regional logistics connections play a vital role in supporting cross-border commerce and enhancing business competitiveness.

Balkan Express offers door-to-door delivery backed by the reliability of the DHL Express network, with transit times of 1–2 business days for most destinations in Bulgaria and 2–3 business days for remote areas. Shipments benefit from end-to-end tracking through DHL Economy Select, while customers can quickly create and manage shipments using MyDHL+, ensuring full shipment visibility and a seamless digital experience.

"With the launch of Balkan Express, we continue to expand our DHL Economy Select portfolio by providing logistics solutions tailored to the evolving needs of regional trade. This new connection between Romania and Bulgaria enables businesses to achieve the right balance of competitive transit times, reliability, and cost efficiency, all supported by DHL's operational excellence and extensive logistics network," said Bogdan Enache, Managing Director, DHL Express Romania.

Through this enhanced operational setup, Balkan Express establishes a dedicated road connection between Romania and Bulgaria, improving delivery predictability and increasing the efficiency of regional supply chains. The service offers a competitive alternative for regional road freight, combining the speed of an optimized cross-border connection with the reliability of the DHL network and an attractive cost structure for customers.

DHL Express Romania continues to strengthen its service portfolio by investing in logistics solutions that facilitate cross-border trade and support the evolving needs of businesses operating in an increasingly interconnected regional and global marketplace.

Bucharest, July 8, 2026 – The circular economy is increasingly emerging as a solution for cost reduction and the use of renewable energy is the main direction for approximately eight out of ten companies in Romania (77%) that invest in the transition to this economic model, according to the Deloitte "Circular economy. Perception and stage of implementation in Romania 2025-2026" study. Other key priorities include investments in employee training and retooling (62%), as well as optimizing resource use, selecting raw materials (54%) and projects related to research, development and innovation (54%).

Interest in implementing circularity measures remains high, driven by the pressure generated by the introduction of new European regulations, such as those governing cross-border waste shipments, stricter requirements to reduce the amount of packaging and increase its reuse and recyclability, as well as rules for designing products in line with environmental requirements, together with the need to reduce operational costs. As a result, an increasing number of organizations in Romania associate the circular economy not only with compliance, but also with greater resource efficiency, stronger resilience and enhanced long-term competitiveness, the study shows.

Financing circular economy projects remains a significant challenge for companies active in our country, which rely mainly on their own sources (84%) and bank loans, while access to European funds and public programs is still limited. This trend reflects the difficulties encountered in the use of external sources of funding, determined by the complexity of administrative procedures, the high level of bureaucracy, a lack of predictability in support mechanisms and a shortage of expertise required for the development and implementation of eligible projects.

"The circular economy is being gradually integrated into business decisions as a response to pressures related to costs, resources and regulations. Companies focus primarily on measures that have a direct and rapid impact, but in order to fully realize the potential of this model they need to accelerate initiatives with structural impact, such as ecodesign or business model transformation," said Adrian Teampău, Director, Environmental Tax and Circular Economy, Deloitte Romania.

The Romanian companies participating in the study consider that the highest costs are associated with retooling and equipment modernization (58%), implementation of renewable energy solutions (40%), as well as research, development and innovation activities (38%). At the same time, they face significant pressures related to return on investment, cost recovery, maintaining competitiveness and volatility in energy and resource prices.

Interest among Romanian consumers in sustainable products and services is increasing, as greater attention is being paid to environmental impact, reuse and recycling. Companies are seeing this trend through a growing interest in sustainable products, reusability and repairability, reducing environmental impact, as well as recyclable packaging and responsible consumption practices.

However, price remains the main criterion in the purchase decision, indicating that the local market is still highly cost-sensitive and the benefits of the circular economy are not yet fully assumed and integrated into consumer behavior, the study shows.

"The transition to a business model that integrates sustainability principles is driven by a combination of economic, regulatory and market factors and companies must find the balance between short-term efficiency and strategic investments. Access to financing and the development of internal skills will be key to accelerating this transition, and organizations that proactively address these challenges will have a significant competitive advantage in an increasingly volatile environment," said Anca Andrei-Cimbru, Manager, Environmental Tax and Circular Economy, Deloitte Romania.

Although the level of familiarity with the principles of the circular economy is high among the local companies participating in the study, the implementation remains uneven across industries and types of organizations, with a higher degree of maturity among large companies and those directly exposed to international standards. Overall, the circular economy is strengthening its role as a key element of the business strategy, but the pace of adoption will depend on companies’ ability to overcome existing barriers and support transformation in the medium and long term, the study indicates.

The Deloitte study "Circular economy. Perception and stage of implementation in Romania" analyzes how the concept of circular economy is understood at local level and assesses the progress made in adopting this development model. The latest edition of the study was conducted based on data collected between September 2025 and April 2026, among 55 companies on the local market, entrepreneurial businesses or subsidiaries of multinational corporations, from economic sectors such as manufacturing, FMCG, construction, services, etc., with representatives of sustainability departments and top management as respondents.

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 180-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its over 470,000 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 3,300 professionals.

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

Bucharest, July 2026: Romania’s logistics and industrial market remains one of the most competitive in Europe in terms of occupancy costs. With an average prime industrial rent of €4.8/ sq. m/ month, Bucharest ranks as the fourth most affordable market among the European locations analyzed, at a time when companies worldwide are restructuring their supply chains in response to geopolitical uncertainty and rising operating costs.

These findings are highlighted in “Waypoint: Global Industrial Dynamics 2026”, a global report by Cushman & Wakefield that examines trends across 135 industrial and logistics markets worldwide.

According to the report, while industrial rental growth has moderated across many mature markets, demand remains resilient globally, driven primarily by the e-commerce, retail distribution and manufacturing sectors. In Europe, the CEE markets, including Bucharest, continue to attract companies seeking to optimize costs and strengthen their regional operations.

By the end of 2025, Romania recorded annual industrial rental growth of approximately 2%, broadly in line with the global average of 2.2%, underscoring the stability of the local market in a period when many locations have entered a normalization phase following the rapid rental increases seen in recent years.

Rental levels in Bucharest remain significantly lower than those in major Western European logistics hubs such as London, Amsterdam or Frankfurt, while also remaining below key regional competitors such as Warsaw and Prague.

This cost advantage, combined with access to major European trade corridors, continues to place Bucharest on the shortlist of companies optimizing their regional logistics networks.

The local market’s competitiveness is also supported by labour costs. According to the report, Bucharest ranks in the lower tier of European locations in terms of wage costs within the logistics and manufacturing sectors, providing an important competitive advantage in attracting such investments. At the same time, wages in these sectors have recorded one of the strongest growth rates in CEE, increasing by 7% - 12% over the past 12 months, according to data from the Economic Research Institute cited in the report.

The report also highlights that energy costs are becoming an increasingly important factor in location decisions for industrial and logistics operations. Romania is among the European markets with relatively high electricity costs for industrial users and recorded one of the most significant annual increases in electricity tariffs in 2025. Nevertheless, energy still accounts for a considerably smaller share in total occupancy costs compared with rental and labour expenses, allowing Romania to maintain its overall competitive advantage.

As a result, companies are placing greater emphasis on building energy efficiency, access to renewable sources and the ability of logistics facilities to integrate automation solutions and technologies that reduce long-term operating costs. These include green building certifications, on-site photovoltaic systems and energy storage solutions.

Across Europe, the logistics market currently remains favourable to occupiers. However, Cushman & Wakefield expects space availability to gradually decline in the coming years as vacancy rates stabilize or decrease and the pace of new developments moderates.

In this environment, cities such as Bucharest are well positioned to benefit from corporate diversification and regionalization strategies, offering an attractive balance between occupancy costs, labour availability and access to key European markets.

Ștefan Surcel, Head of Industrial Agency, Cushman & Wakefield Echinox: “The Waypoint report confirms that Romania continues to strengthen its position as one of the most competitive logistics markets in Central and Eastern Europe. Bucharest offers a compelling combination of occupancy costs, workforce availability and access to major European trade corridors, factors that are becoming increasingly important for companies optimizing their supply chains. Moreover, we are noticing occupier decisions shaped not only by rental levels but also by factors such as energy efficiency, building sustainability, access to energy and the ability of logistics facilities to integrate automation technologies. These trends are creating significant opportunities for the further development of Romania’s industrial and logistics market in the coming years.”

Globally, e-commerce remains the primary demand driver for industrial and logistics spaces, followed by retail distribution and general manufacturing. In addition, sectors such as energy, advanced technology and industrial production are generating new sources of demand, supporting the positive outlook for logistics markets across Europe and the broader CEE region.

“Waypoint: Global Industrial Dynamics 2026” analyzes developments across 135 logistics and industrial markets throughout North and South America, Europe, the Middle East, Africa and Asia-Pacific. The report assesses operating costs, rental levels, labour costs, energy prices and medium-term demand prospects.

Cushman & Wakefield Echinox, the exclusive affiliate of Cushman & Wakefield in Romania, independently owned and operated, has a team of more than 80 professionals providing a full range of real estate advisory services to investors, developers, owners and occupiers. For more information, visit www.cwechinox.com.

Cushman & Wakefield (NYSE: CWK) is a global leader in commercial real estate services, with approximately 53,000 employees across more than 350 offices in over 60 countries. With revenues of $10.3 billion, the company delivers services including asset and investment management, capital markets, leasing, property management, occupier representation, project management and valuation. For more information, visit www.cushmanwakefield.com.

CMS has advised Frasers Group on the acquisition of Hervis’ sports retail operations in Romania and Hungary, marking a significant step in the Frasers Group’s ongoing expansion across Central and Eastern Europe (CEE). The transaction includes 78 retail locations with 49 stores across Romania and 29 stores across Hungary. The deal closed in June 2026, following customary regulatory approvals and other conditions precedent.

This strategic acquisition strengthens Frasers Group’s regional sports retail footprint and complements its existing portfolio, including the Sports Direct brand, which has been expanding rapidly in Romania through institutional leases in major retail destinations.

CMS advised Frasers Group on all Romanian and Hungarian legal aspects of the transaction, including extensive cross-border due diligence covering the 78 retail locations, structuring, negotiation and signing of the transaction documents, as well as regulatory and competition aspects.

Roxana Frătilă, Partner and Head of Real Estate & Construction at CMS Romania, comments: “We are pleased to have supported Frasers Group on a pivotal step in its regional growth. This transaction is a strong vote of confidence in the Romanian and wider CEE retail markets. It showcases how strategic real estate, leasing, and operational considerations can be aligned to deliver scale quickly across multiple jurisdictions. We are grateful to Frasers Group for their ongoing trust and collaboration and many thanks to the CMS team for the hard work and dedication.”

Mircea Moraru, Senior Counsel in the Corporate/M&A team at CMS Romania, adds: “We worked hand-in-hand with the client to navigate a multi-country, multi-asset transaction with many moving parts. The result reflects disciplined execution, seamless coordination across practices and jurisdictions, and the client’s clear strategic vision.”

The CMS team was led by Roxana Frățilă (Real Estate) and Mircea Moraru (Corporate/M&A). The extended team included Alexandru Dumitrescu, Alexandru Trandafir, Aura Marina, Bianca Bănățeanu (Real Estate); Elena Andrei, Oana Mina, Octavian Teletin, Rareș Crîșmaru, (Corporate/M&A); Claudia Nagy (Competition/FDI); and Carmen Turcu (IP& Commercial). CMS colleagues in Budapest advised on Hungarian law aspects.

- End -

Notes to editors:

CMS

Founded in 1999, CMS is an international organisation of independent law firms that offers full-service legal and tax advice. With more than 90 offices in over 50 countries across the world and more than 7,200 lawyers, 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.

bpv GRIGORESCU ȘTEFĂNICĂ marks twenty years in the legal market this month. The milestone arrives alongside a new web presence and a brand refresh, not as the headline, but as the visible expression of how the firm has worked since 2006 and intends to keep working: built for change, grounded in experience.

A full-service practice and a name in technology

Founded in 2006, the firm took a decision early to build genuine depth across the full spectrum of business law rather than retreat into a single niche. That breadth was tested by events few firms could have planned for: the financial crisis, a pandemic, a war on Romania’s border, and now the arrival of artificial intelligence in legal practice. Through each, the firm’s reputation was built the slow way on repeat mandates, long client relationships, and results rather than positioning.

Breadth never meant dilution. Of the many areas the firm built, one came to define its reputation more than any other: technology. The roots were practical, not prophetic. From its earliest years the firm acted for industrial and digital technology companies, and built deliberately on that base as the sector moved from one client group among many into the defining force in business. The recognition followed as since 2016, Legal 500 has ranked bpv GRIGORESCU ȘTEFĂNICĂ in its top tier for technology, media and telecoms, witnessing a decade of standing that now runs across the firm’s corporate, tax and disputes work, where clients with technology needs are no longer a single vertical but a constant.

 

“We did not set out to change the world. We set out to take the pretension out of law and that turned out to be the bigger ambition,” said Cătălin Grigorescu, Managing Partner. “Whatever comes next, the answer is the same one it has always been: people who trust each other, and lawyers who do the work without the theatrics.”

Clearer about how it works

The clarified positioning puts a long-standing way of working into plainer terms: deep sector knowledge applied to the commercial reality of business in a new age, technology used to sharpen judgment rather than replace it, and advice that filters complexity instead of adding to it. It is an approach the firm has already begun to back with action, among the first independent Romanian firms to put artificial intelligence to work inside its own practice rather than treat it as a talking point.

Developed with Colorblind Studio, the new website and refreshed brand assets give that account a sharper, more deliberate form; built to show clients how the firm thinks and works, not merely that it exists.

The new website is live at www.bpv-grigorescu.com

Deloitte Technology Delivery Center, which celebrates ten years of activity in Romania and provides IT services to Deloitte clients across EMEA and other regions, with a strong focus on AI-enabled transformation, announces the appointment of Emilia Dumitrescu as Managing Director, effective June 2026. She has also been promoted to Deloitte Partner and succeeds Marcus Williamson, Partner, Deloitte UK, upon the completion of his three-and-a-half-year mandate.

With over 20 years of experience in data, analytics and delivery center operations, Emilia Dumitrescu has been part of the center since its launch in Romania in 2016. Most recently, she has served as Director, leading the Customer and Engineering, AI & Data teams. She combines deep client and industry expertise in data and analytics with a strong track record in building and scaling center capabilities, including delivery models, operational excellence, and talent development across multidisciplinary technology teams.

“I am honored and excited to take on this responsibility. This is a meaningful moment for Deloitte Technology Delivery Center as we mark ten years of activity in Romania. This milestone reflects the dedication of our people and the trust of our clients in what we have built together. Looking ahead, we will continue to invest in our teams and accelerate the adoption of AI and emerging technologies, strengthening our role within Deloitte’s broader ecosystem and creating impact for clients and communities,” said Emilia Dumitrescu, Partner and Managing Director of Deloitte Technology Delivery Center.

In her new role, Emilia Dumitrescu will lead the center alongside a senior management team representing its core capabilities, including Alina Chitu (Enterprise Technology and Performance & Finance Transformation), Andrei-Daniel Ionescu (Engineering, AI & Data and Human Capital), and Bogdan Ungureanu (Customer).

“Working with the Deloitte Technology Delivery Center team has been a rewarding and impactful chapter of my career. I am proud of what we achieved over the past decade. Emilia’s appointment marks an important new stage for the center, and I am confident that, together with the senior management team and with the center’s highly skilled professionals, she will further strengthen its contribution to Deloitte’s Global Delivery Network,” said Marcus Williamson, Partner, Deloitte UK, and former Managing Director of the Deloitte Technology Delivery Center.

Deloitte Technology Delivery Center provides IT services to Deloitte clients across Europe, the United States, the Middle East, and Africa. With 1,000 professionals driving digital transformation for clients, the center is part of Deloitte’s integrated global network of delivery centers. Its breadth of capabilities and experienced teams uniquely position it to deliver solutions, services, and projects that would traditionally have been completed onshore.

The center service catalogue spans a comprehensive set of capabilities, including Engineering; AI & Data, Customer, Enterprise Technology & Performance, Finance Transformation and Human Capital, enabling end‑to‑end delivery across complex transformation programs.

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 180-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its over 470,000 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 3,300 professionals.

Wolf Theiss is proud to announce the release of the 11th edition of its Guide to Generating Electricity from Renewable Sources in Central, Eastern, and South-Eastern Europe for 2026. This latest edition replaces the previous Guide published in 2024 and brings updated insights into the rapidly evolving renewable energy sector in our region. It provides a comprehensive overview of the legal and regulatory frameworks governing renewable electricity generation across 16 jurisdictions.

Over the last six years, following the adoption of increasingly ambitious energy and climate targets across Europe, substantial investment has continued to flow into renewable energy generation and storage projects throughout Central, Eastern and Southeastern Europe.

The transition towards renewable energy continues to reshape energy markets across Central, Eastern and Southeastern Europe. Driven by ambitious decarbonisation targets, increasing energy security requirements and growing investment in renewable energy infrastructure, the region remains one of the most dynamic renewable energy markets in Europe.

The 2026 edition of the Wolf Theiss Guide to Generating Electricity from Renewable Sources in CEE & SEE reflects significant legislative and regulatory developments since the previous publication and introduces dedicated coverage of Battery Energy Storage Systems (BESS), one of the fastest-growing and most strategically important segments of the energy sector. As renewable generation continues to expand across the region, energy storage is becoming increasingly important for grid stability, project bankability and long-term energy security.

At the same time, policymakers across the region continue to modernise permitting procedures, expand support mechanisms, encourage market participation and facilitate greater integration with European energy markets. These developments are creating new opportunities for investors, developers, lenders, utilities and other market participants active in the renewable energy sector.

“With each edition of our Guide, we aim to empower stakeholders by demystifying the legal landscape of renewable energy in the region. We are confident that ongoing developments in renewable energy generation and storage, together with continued technological progress and regulatory evolution, will drive further investment across the CEE/SEE region. The legal and regulatory frameworks governing renewable electricity generation therefore remain of significant interest to investors, developers and market participants active in this dynamic sector”. – Bryan W. Jardine, Managing Partner, Wolf Theiss Romania and Co-Head of the firm-wide Energy Industry Group.

The guide covers the following jurisdictions: Austria, Bosnia & Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Kosovo, Republic of Moldova, North Macedonia, Montenegro, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine.

The contributors to the Romanian Chapter of the Wolf Theiss Guide to Generating Electricity from Renewable Sources 2026 are Bryan Jardine (Partner), Adina Aurel (Counsel) and Vladimir Plugărescu (Senior Associate).

 Download your free copy of the Wolf Theiss Guide to Generating Electricity from Renewable Sources in CEE & SEE from our website.

Mușat & Asociații and Hogan Lovells are pleased to invite you to an exclusive business event dedicated to the legal, regulatory and governance aspects of accessing the capital markets.

CAPITAL MARKETS IN ROMANIA: A GATEWAY TO BECOMING A LISTED ISSUER

1 July 2026 | 10:00 - 14:00
Mușat & Asociații Headquarters
43 Aviatorilor Boulevard, 1st District, Bucharest

As Romania's capital market continues to develop and attract increasing interest from both domestic and international investors, companies (private or state-owned enterprises) and public authorities are exploring new opportunities to raise capital and finance growth through public offerings and bond issuances. This event is aimed at providing practical insights into the legal and governance challenges associated with becoming a listed issuer, preparing for an IPO, engaging with investors and meeting ongoing disclosure obligations.

Among the speakers: Răzvan Stoicescu - Deputy Managing Partner, Mușat & Asociații, Sina R. Hekmat - Partner, Hogan Lovells, Roxana Bujoreanu – Senior Tax Manager, Mușat & Asociații and Robert Urmosi - Managing Associate, Mușat & Asociații.

Glimpse on the topics:

Opening Session

• The evolution of the Romanian capital market
• Recent listing and bond issuance trends
• European and global capital markets developments
• What international investors are looking for in Central and Eastern Europe
• How issuers prepare for access to international capital markets

Session I – Capital Market Transactions: Who, Why, and Where?

• Who can access the capital markets
• Primary versus secondary offerings
• Domestic listings versus access to international investors
• Dual listings and other cross-border offering structures
• Legal particularities of offerings by public authorities and state-owned enterprises
• The role of the majority shareholder in structuring transactions

Session II – Preparing for an IPO: Issuer's Homework

• Building the listing team: intermediaries, legal counsel, auditors and other advisors
• The prospectus: purpose, disclosure requirements, materiality and risk factors
• Legal and financial due diligence
• Specific considerations for state-owned enterprises
• Specific considerations for international offerings
• Practical insights and lessons learned from previous transactions

The event will also provide an opportunity for discussion and networking with fellow market participants and professionals active in the capital markets sector. Participation is complimentary and subject to confirmation.

Should you wish to attend, please confirm your participation by email to marketing@musat.ro by 29 June 2026. Kindly note that all discussions will be held in English.

We look forward to welcoming you!

Mit Freude geben wir die Einführung der neuen Website von Günther Tore bekannt — ein Projekt, an dem wir sorgfältig gearbeitet haben, um unseren Kunden und Partnern eine klarere Erfahrung und einen schnelleren Zugang zu den benötigten Informationen zu bieten.

Die neue Website spiegelt wider, wer wir heute sind: offizieller Distributor von Butzbach, Braselmann, Dynaco und Stertil, mit über 23 Jahren Erfahrung im Bereich Industrietore, Schnelllauftore, Sektionaltore, Verladerampen und Lkw-Verriegelungssysteme an der Rampe.

Was wir mit diesem Projekt erreichen wollten: Eine logischere Struktur, mit der Sie schnell das passende Produkt für Ihren Tätigkeitsbereich finden. Detaillierte Produktseiten mit technischen Spezifikationen, Datenblättern und Antworten auf häufig gestellte Fragen. Echte technische Inhalte, gedacht für alle, die fundierte Entscheidungen treffen — und nicht nur, um einen Katalog zu füllen.

Für uns bedeutet eine gute Website nicht nur einen Katalog. Sie ist ein Werkzeug, das dem Kunden hilft, die Lösungen zu verstehen, zu vergleichen und die richtige Wahl zu treffen.

Wir laden Sie ein, sie zu besuchen, und sind offen für jegliche Zusammenarbeit und Partnerschaft in unserem Tätigkeitsbereich.

🌐 www.gunther-tore.ro

Bucharest, June 16, 2026 - Reff & Associates | Deloitte Legal marks the 20th anniversary of its activity with an anniversary campaign that aims to highlight the evolution of the profession of business lawyer, the transformations in the market, the increasingly complex challenges and the growing stakes of partnerships between law firms and their clients.

In its 20 years of activity, Reff & Associates has steadily grown and consolidated its position on the business law market, now reaching 85 lawyers, of which eight partners and as many counsels, and its activity has expanded to 14 practice areas.

In these two decades, the professionals of Reff & Associates have been involved in numerous large-scale projects, counting billions of euros, in multiple practice areas: banking and finance, real estate and complex mergers and acquisitions transactions, antitrust investigations with a major impact in the economy, commercial litigation and large-scale international arbitrations, strategic projects in energy and the public sector, responsible employment practices, high-value tax disputes or innovative projects in technology and cybersecurity.

The firm's lawyers have also contributed to the development of important legislative initiatives, such as the new Code of Urban Planning, assisted ANAF in the project to modernize the tax audits and have been involved in numerous pro bono actions, such as the support provided to Tășuleasa Social organization, the initiator of the Via Transilvanica project, and to Dăruiește Viață Association for the modernization of the Marie Curie Hospital.

"The passion for law and business, the strategy of building our firm on an international multidisciplinary platform and the privilege of having brought together high-quality people around distinctive values have fueled our growth in these 20 years and give us confidence in the future. Today, when we have one of the largest teams of lawyers in Romania, we feel in our prime, proud of the expertise built through high-impact projects for our clients, colleagues and society. With gratitude to our clients and to the colleagues at Deloitte with whom we work closely on many multidisciplinary topics, I thank my partners and all my colleagues and congratulate them on this journey; we are ready for the upcoming transformations in the profession and business and excited about what we can build in the next 20 years," said Alexandru Reff, Country Managing Partner, Deloitte Romania and Moldova, and one of the founders of Reff & Associates | Deloitte Legal.

The Reff & Associates anniversary campaign starts with a videoconference in which the firm's leaders, together with their guests, leaders from the business and non-governmental sectors, as well as legal professionals, will address topics such as the evolution of the business over the last two decades, key moments that have shaped them as leaders, as well as the authentic impact, which goes beyond the business, and the challenges for the coming decades. The videoconference will be broadcast live on the Facebook page of Reff & Associates | Deloitte Legal.

The campaign will continue with a series of video podcasts featuring experienced professionals representing leading companies in their sectors. The podcasts will combine information about outstanding projects and moments, major changes in legislation and regulatory framework, as well as lessons about maturity and leadership that the guests have learned throughout their careers. The campaign will also include business events, some of them built around innovative formats.

The firm has become a constant presence in international rankings, such as Legal 500, Chambers and Partners and IFLR 1000. For example, in the Chambers and Partners rankings, the corporate and mergers and acquisitions practice was included for 16 consecutive years, the real estate and banking and finance practices for 13 consecutive years, the employment law practice for seven years in a row, and the dispute resolution practice for two consecutive years. The firm is also recognized as a top tier law firm by Legal 500 for ten practice areas, namely real estate and construction (reconfirmed in 2026 as Tier 1, for the ninth consecutive year), banking and finance, commercial, corporate and mergers and acquisitions, dispute resolution, employment, EU and competition, tax litigation, public-private partnerships and procurement, restructuring and insolvency, as well as technology, media and telecommunications.

Beyond its professional activity, Reff & Associates has constantly invested in training new generations of lawyers. For example, more than 280 students have benefited from the nine editions so far of the educational program "Law Is Awesome!", dedicated to students who want to become business lawyers, and some of them have been recruited within the firm.

Reff & Associates | Deloitte Legal, with a team of 85 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, business integrity, capital markets, competition, consumer business and data protection, corporate, commercial and mergers and acquisitions, dispute resolution, employment, energy and environment, insolvency, intellectual property, legal management consulting, public sector and real estate, as well as tax controversy. The firm represents in Romania Deloitte Legal, a global network with more than 3,100 lawyers in 75+ 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.

Deine Energierechnung kennst du auswendig. Aber weißt du eigentlich, wie viel dich jede Kilowattstunde in der Beziehung zu deinen Kunden kostet? Nur wenige Unternehmerinnen und Unternehmer können diese Frage beantworten. ProCredit Bank hat beschlossen, das zu ändern.

🌍 Weißt du, wie viel CO₂ dein Unternehmen verursacht?

Der CO₂-Emissionsrechner von ProCredit Bank bietet dir kostenlos einen personalisierten Bericht zur Schätzung der Scope-1- und Scope-2-Emissionen – auf Grundlage allgemeiner Informationen zur Tätigkeit deines Unternehmens.

Die Plattform ist für 8 Wirtschaftssektoren verfügbar: Dienstleistungen, Landwirtschaft, Viehzucht, Lebensmittelindustrie, Holzverarbeitung, Metallverarbeitung, sonstige Industrien und Bauwesen.

Außerdem können Unternehmen, die im Zeitraum vom 15. Juni bis 15. September 2026 ein Konto erstellen und den Bericht generieren, einen der 10 monatlich vergebenen Gutscheine im Wert von jeweils 150 Lei gewinnen. Die Gutscheine werden monatlich an die ersten 10 Unternehmen vergeben, die im jeweiligen Monat Berichte erstellt haben.

Weitere Details sind hier verfügbar.

Erstelle dein Konto und generiere kostenlos den CO₂-Emissionsbericht für dein Unternehmen.

Reff & Associates | Deloitte Legal team assisted MAS Property Holding, part of the South African group owned by MAS P.L.C. (listed on the Johannesburg stock exchange) in the process of selling six outdoor shopping centers, worth more than 280 million euro, to the real estate developer AFI Europe N.V. The transaction is subject to the approval of the Competition Council and of the Commission for the Examination of Foreign Direct Investment and is estimated to be completed by June 30, 2026.

Reff & Associates | Deloitte Legal team involved in the project assisted MAS Group in the due diligence process that was the foundation of the sale, leveraging the experience gained in the long-term collaboration with the client to identify the solutions that led to the simplification and efficiency of the entire process. The team included lawyers Irina Dimitriu, Partner, and Real Estate Industry Leader at Deloitte Romania, Simona Iacob, Counsel, who coordinated the entire project, Maria Nitulescu, Senior Managing Associate, Ioana Georgescu-Muresanu, Managing Associate, Calin Georgescu-Muresanu, Senior Associate, Diana Dulama, Marie-Louise Zanfir and Andreea Voicu, Associates. Ovidiu Balaceanu, Counsel, and Mihai Tecuta, Senior Associate, also contributed to the success of the project.

"The involvement in this transaction was a natural step in continuing the partnership we have developed for several years with MAS Property Holding, during which we had the opportunity to provide assistance in complex projects of sale, purchase and other specific operations. Our multidisciplinary approach contributed to the successful completion of this new stage of collaboration, through the involvement of colleagues from multiple practice areas, thanks to which we were able to offer the client efficient solutions tailored to both the transaction and the market context. We thank our collaborators for their trust, and we are ready for new challenges in an increasingly competitive real estate market," said Irina Dimitriu, Partner at Reff & Associates | Deloitte Legal and Real Estate Industry Leader at Deloitte Romania.

The shopping centers subject of the transaction are Prahova Value Centre in Ploiesti, Zalau Value Center, Baia Mare Value Centre, Roman Value Centre, Sepsi Value Centre in Sfantu Gheorghe and Barlad Value Centre. The total leasable area of the six assets is 125,500 sqm, and they are currently leased to hypermarkets, national and international tenants and food courts.

Even after this sale, MAS remains one of the most important investors in Romania’s retail sector, retaining major assets in its portfolio such as Militari Shopping Center in Bucharest, DN1 Value Centre in Balotești, Dambovita Mall in Targoviste and Atrium Mall in Arad. The company also remains involved in major projects such as Arges Mall in Pitesti and Mall Moldova in Iasi.

AFI Europe is part of AFI Properties, one of the leading real estate development, management and investment companies operating in Central and Eastern Europe since 1997. The group operates in Romania, the Czech Republic, Poland, Bulgaria, Serbia and Latvia.

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, business integrity, capital markets, competition, consumer business and data protection, corporate, commercial and mergers and acquisitions, dispute resolution, employment, energy and environment, insolvency, intellectual property, legal management consulting, public sector and real estate, as well as tax controversy. The firm represents Deloitte Legal in Romania, a global network with more than 3,100 lawyers in 75+ countries.

Directive (EU) 2023/970 on Pay Transparency marks one of the most significant legislative changes in the field of remuneration in recent years, imposing concrete obligations on employers across the European Union regarding how they determine, communicate and justify pay.

With the support of Forvis Mazars specialists from across Europe, we have conducted a comparative analysis showing that the implementation of the Directive is at different stages of maturity across Member States. However, the direction is clear: a transition towards pay systems that are more transparent, better documented and auditable.

The Directive introduces requirements that apply throughout the entire employment relationship, from recruitment to reporting and monitoring mechanisms. Companies will therefore be required to communicate salary ranges already at the recruitment stage, establish pay structures based on objective and gender-neutral criteria and ensure employees have access to information regarding pay levels and pay progression.

In addition, organisations will be required to implement regular gender pay gap reporting mechanisms and, where pay disparities of at least 5% are identified and cannot be objectively justified, to take corrective action within a specified timeframe.

Across the European Union, the gender pay gap decreased to approximately 11.1% in 2024; however, the pace of progress remains below expectations. In this context, the new legislative framework aims to accelerate progress by increasing transparency and strengthening organisational accountability.

Member States are adopting different approaches to the transposition process. Some, such as Slovakia, have already completed the full implementation of the Directive, while others are proposing complex and detailed models featuring extensive monitoring and enforcement mechanisms. At the same time, certain jurisdictions are relying on adjustments to existing legal frameworks or on the role of social dialogue in implementing the new requirements.

Romania falls into the category of Member States pursuing a comprehensive transposition approach, applicable to both the public and private sectors, with clear obligations regarding transparency in recruitment, gender pay gap reporting and employees’ right to access pay-related information. However, the relatively low gender pay gap - estimated at approximately 3.7% - should be interpreted in light of the specific structural characteristics of the labour market.

“The Directive is not merely a compliance exercise; it represents a fundamental shift in how organisations design and justify their pay policies. In practice, companies will be required to demonstrate, in a consistent and well-documented manner, how pay is determined and to eliminate any differences that cannot be explained by objective criteria”, said Florina Ilie, Senior Manager, HR & ESG Advisory, Forvis Mazars in România. “At the same time, we are at a key moment locally - in the coming days, we expect the publication of the final version of the Directive’s transposition into Romanian legislation, which will provide a clear framework for implementing the new requirements and accelerate organisations’ preparation efforts.”

The analysis highlights that the impact of the Directive will not depend solely on the formal adoption of legislation, but also on companies’ ability to integrate the new requirements into effective internal processes. In the absence of clear job evaluation systems and objective pay-setting criteria, transparency risks becoming a purely formal exercise, with limited impact on achieving genuine pay equity.

In the medium and long term, increased levels of pay transparency have the potential to generate significant benefits for companies, including stronger alignment between management and HR functions, clearer communication with employees and more consistent and predictable compensation structures.

The full analysis of the implementation status of Directive (EU) 2023/970 across the Member States of the European Union is available HERE.

ANA Spa Collection by ANA Hotels hosted “The Art of Longevity,” one of Romania’s most significant events dedicated to preventive health, integrative wellness, and biohacking, featuring Gary Brecka and Nadia Comăneci as special guests. Held at the InterContinental Athénée Palace Bucharest, the event brought together leading medical and wellness professionals, business leaders, and guests interested in the latest global trends in longevity and lifestyle optimization.

During the conference, Gary Brecka highlighted the importance of methylation and personalized supplementation, the benefits of molecular hydrogen, and the impact of morning rituals on energy, mental clarity, and longevity. His presentation combined insights from recent scientific research with practical recommendations aimed at optimizing health and preventing metabolic and inflammatory imbalances.

Known for his science-based approach, Gary Brecka is one of the most influential international voices in integrative health and biohacking. As co-founder of the 10X Health System and host of The Ultimate Human Podcast, he advocates for predictive healthcare and performance optimization through nutrition, lifestyle interventions, and targeted supplementation.

"Longevity is not about adding more years to your life. It is about improving the quality of the years you already have. Every function of the body begins at the cellular level. Methylation. Oxygen utilization. Hydration. Inflammation control. Energy production. When you identify deficiencies and provide the body with what it truly needs, something remarkable happens. The body doesn’t just survive longer—it performs better. You think more clearly, move more easily, recover faster, and age with greater strength and resilience," said Gary Brecka.

A key moment of the event was the panel discussion on longevity and preventive medicine, featuring Dr. Luiza Spiru, Professor of Geriatrics, Gerontology, and Longevity Medicine and President of the Ana Aslan International Foundation, alongside Iuliana Tasie, General Manager of ANA Hotels Europa & Health Spa Eforie Nord. The discussion emphasized the importance of an integrated approach to health, combining prevention, recovery, longevity medicine, and sustainable lifestyle habits.

The event also featured a surprise guest appearance by Nadia Comăneci, who shared her perspective as a world-class athlete on longevity and the role of discipline in maintaining long-term health and peak performance.

The event also marked the official launch of the new “Longevity by ANA Spa Collection” packages, designed to integrate personalized health assessments, regenerative therapies, recovery programs, and the latest wellness technologies into a premium experience dedicated to longevity and revitalization.

"The launch of the Longevity by ANA Spa Collection packages represents a new strategic milestone for ANA Hotels in the development of Romania’s premium wellness and integrative health sector. These new experiences are built around personalized programs that combine health assessments, regenerative therapies, recovery, relaxation, and modern wellness technologies," stated George Copos, President and CEO of ANA Hotels.

ANA Spa Collection is recognized for integrating modern and traditional therapies across its wellness centers: SPA InterContinental Athénée Palace Bucharest, ANA Spa Crowne Plaza Bucharest, ANA Spa Poiana Brașov, and ANA Health Spa Eforie Nord, offering premium wellbeing, recovery, and revitalization experiences.

“The Art of Longevity” event was organized with the support of the following partners:

Platinum Partners: Oxyhelp, Technogym, Theda Mar
Scientific Partner: Scientific Senate of the Dan Voiculescu Foundation for the Development of Romania
Gold Partners: EY Romania, Grampet Group, MP Băneasa, Bog’Art, Sanador, Dentovita, Banca Transilvania, Chanand, and Iris Florist.