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Interest is an essential element of any civil and commercial dispute and can have a significant influence on the total amount the debtor may be required to pay.

Government Ordinance No. 13/2011 on statutory interest and penalty interest for monetary obligations, as well as on the regulation of certain financial and fiscal measures in the banking sector (hereinafter “GO No. 13/2011”) makes a clear distinction between two main types of interest. Art. 1(2) provides that “The interest owed by the debtor of an obligation to pay a sum of money by a certain date, calculated for the period prior to the maturity date of the obligation, is referred to as remunerative interest.” Article 1(3) provides that “Interest owed by the debtor of a monetary obligation for failure to perform the obligation upon maturity is referred to as penalty interest.” Art. 1489(2) of the Civil Code regulates the mechanism of compound interest, whereby interest may in turn generate interest, thus allowing for its capitalization under the conditions provided by law or by agreement of the parties.

On February 9, 2026, the High Court of Cassation and Justice (Panel for the Resolution of Legal Issues) issued an important decision—Decision No. 28/2026—clarifying the legal regime governing the capitalization of interest, in the interpretation of Art. 1489(2), second sentence, of the Civil Code, in relation to Art. 8 of Government Ordinance No. 13/2011. (2), second sentence, of the Civil Code, in relation to Article 8 of Government Ordinance No. 13/2011.

I.                         The Context of Decision No. 28/2026

The legal regime governing interest is subject to a complex regulatory framework, involving both provisions of the Civil Code and rules from special legislation—primarily Government Ordinance No. 13/2011. Thus, on the one hand, Article 1489(2) of the Civil Code provides that interest due generates further interest, but only when the law or the contract so provides or, in the absence thereof, when such interest is claimed in court. However, the scope of the article is not clearly defined, as it does not specify whether it applies to both compensatory and penalty interest. On the other hand, Article 8(3) of Government Ordinance No. 13/2011 provides that compensatory interest may be capitalized.

The High Court of Cassation and Justice’s intervention comes in a context where, although the rules in question have been in force since 2011, few court decisions have been identified in judicial practice that resolve this issue, and the legal question remains novel. At the same time, the opinions expressed by the experts consulted by the ICCJ were divergent, highlighting the need to prevent inconsistent case law.

II.                      The Solution Adopted by the ICCJ

Essentially, the High Court of Cassation and Justice resolved two issues: (i) that penalty interest cannot be capitalized under the law, and (ii) that compensatory interest, arising either from loan agreements or from other types of contracts, may be capitalized even in the absence of an express clause to that effect.

With regard to penalty interest, the law provides that, in the absence of any agreement to the contrary, the creditor is entitled to statutory penalty interest, calculated differently depending on the type of legal relationship. For example, the current penalty interest rate is 14.5% per annum in transactions between professionals. The High Court of Cassation and Justice’s first conclusion is that Article 1489(2) of the Civil Code, which permits the capitalization of interest, refers exclusively to compensatory interest. In other words, when seeking payment of penalty interest in court, the creditor cannot rely on this provision to claim its capitalization.

To reach this conclusion, the High Court noted that Article 1489 of the Civil Code is located in the chapter on payment, a concept that presupposes the voluntary performance of an obligation. Thus, while compensatory interest falls under this concept, relating to the very conduct of the contractual relationship, penalty interest constitutes a form of civil liability, an institution regulated in a separate chapter. In the same vein, the High Court of Cassation and Justice emphasized that only compensatory interest can have a genuine due date for payment, thereby reinforcing the conclusion that the legislature intended only compensatory interest to fall within the scope of Article 1489 of the Civil Code.

With regard to remunerative interest, the High Court’s second conclusion clarifies the scope of application of Article 8(3) of Government Ordinance No. 13/2011. Thus, it was ruled that interest may be capitalized both in the case of loan agreements and in the case of any other contracts involving civil fruits, such as a deposit agreement. Thus, when the debtor fails to pay the interest on time, the law allows the creditor to claim late payment penalties on it, even in the absence of an express provision to that effect.

III.                   Practical Implications of Decision No. 28/2026

The ruling issued by the High Court concerns exclusively the application of the legal regime governing penalty and compensatory interest. However, the rules in question are supplementary in nature, meaning that they may be validly derogated from by agreement of the parties, provided that applicable mandatory provisions, such as those set forth in consumer protection legislation, are observed.

Thus, Decision No. 28/2026 has the following consequences:

(i)                      As a general rule, the creditor will not be able to claim the capitalization of penalty interest. The parties are, however, permitted to derogate from this rule through a penalty clause.

(ii)                    In both loan agreements and other contracts involving civil fruits, the creditor may request the capitalization of interest under the law, effective from the due date. At the same time, the parties may exclude this consequence through a limitation of liability clause.

An article by Mara Colțan - mcoltan@stoica-asociatii.ro – and Iulian Chetreanu, Junior Lawyers - STOICA & ASOCIAȚII.

Wolf Theiss’ multi-jurisdictional team advised U-Power Group, a leading European player in the safety footwear and workwear market, on its acquisition of 100% of the share capital of CERVA Group, one of the major European providers of personal protective equipment (PPE).

Working alongside Italian law firm Legance, the Wolf Theiss team provided fully integrated, cross‑border legal support, coordinating all aspects of the transaction – including corporate, financing and competition – across six jurisdictions: Austria, Czech Republic, Hungary, Poland, Romania and Slovakia.

The transaction marks a strategic milestone for both companies, establishing a pan‑European powerhouse operating in more than 60 markets. Following this acquisition, the combined group achieves annual revenues approaching EUR 500 million, positioning it among the most influential players in the European PPE and workwear industry.

U-Power Group is a recognised as a European leader in the manufacturing of safety footwear and workwear, known for technologically advanced and design‑driven work shoes engineered for professional use, operating in more than 50 countries, with a strong presence in Central, Eastern and Northern Europe.

CERVA Group is a leading European supplier of personal protective equipment (PPE), founded in 1991 in the Czech Republic. The company has grown from a small local business into a pan‑European PPE provider with operations in more than 14 countries today.

The multi-jurisdictional Wolf Theiss team advising U-Power on this transaction was coordinated by the Wolf Theiss office in the Czech Republic.

In Romania the team consisted of Cornelia Postelnicu (Counsel), Marius Moldoveanu (Associate, both Corporate/M&A), Smaranda Văcaru (Senior Associate, Banking & Finance), Andreea Zvâc (Partner, Dispute Resolution), Roxana Roman (Partner, Real Estate), Ioana Iacob (Senior Associate, Employment) and Anca Jurcovan (Partner, Competition & Antitrust).

Selling a business is a defining moment for any owner. Before entering discussions with potential buyers, it’s critical to understand how prepared your business really is and where focused preparation could protect or enhance value.

This short assessment helps you benchmark your company’s sell-side readiness and identify strengths and gaps across the areas buyers examine first.

Start the assessment.

M&A activity across Central & Eastern Europe has demonstrated resilience in 2025 despite ongoing geopolitical and macroeconomic headwinds. Total deal value in the region reached €42.5bn, representing a 36% increase compared to 2024. Romania ranked third by deal volume, with 154 announced transactions, reflecting sustained strategic interest, and seventh by deal value, with approximately €2.3bn in completed deals. In this context, buyers remain increasingly selective, and a company’s level of preparedness plays a critical role in determining transaction speed, certainty, and overall value.

The assessment focuses on the five core fundamentals that buyers and investors typically examine at the very beginning of a sale process: financial health, profitability & growth, operational independence, customer & revenue stability, and legal & compliance readiness.

Your responses provide an early indication of how your business may be perceived by buyers at the outset of a transaction process.

Based on your answers, your readiness may fall into one of three categories:

·        Early-stage readiness - foundational work may be required before approaching buyers.

·        Developing readiness - several strengths are in place, with targeted improvements recommended.

·        Strong readiness - the business appears well-positioned for a potential sale process.

This assessment is a starting point, not a substitute for detailed sell-side preparation or vendor due diligence.

More details here.

Bucharest, April 3, 2026 – Reff & Associates | Deloitte Legal has been recognized as a top tier law firm by the 2026 Legal 500 independent international ranking. The firm is recommended by the prestigious international ranking in various categories for ten practice areas, namely real estate and construction, banking and finance, commercial, corporate and mergers and acquisitions (M&A), dispute resolution, employment, EU and competition, tax litigation, public-private partnership (PPP) and procurement, restructuring and insolvency, technology, media and telecommunications (TMT).

Reff & Associates | Deloitte Legal’s Real estate and construction practice has been reconfirmed as Tier 1 for the ninth consecutive year. The team stands out “for its approach that incorporates an exceptional combination of expertise, responsiveness, and strategic vision”. The practice head is Irina Dimitriu, Partner, recognised once again as a leading partner, for her expertise in advising international clients on large-scale development and investment projects. Simona Iacob, Counsel, is recommended as leading associate and key lawyer, while Larisa Popoviciu, Counsel, is mentioned as key lawyer.

The firm’s Banking and finance practice is recognized “not only for its legal expertise but also for their strategic thinking, multidisciplinary collaboration, and client-centric approach” in banking and financial regulatory issues, especially EU banking and financial regulation, and is considered „one of the strongest lawyer teams both in terms of knowledge and expertise”. Andrei Burz-Pînzaru, Partner and practice head, is well versed in providing advice to banks, non-banking financial institutions, payment institutions and publicly traded companies. Patricia Enache, Counsel, and Dănuț Arion, Managing Associate, are recommended as key lawyers.

The transactional services provided by the Commercial, corporate and M&A practice complement the firm’s comprehensive legal offering and “makes it a strong choice for companies seeking holistic assistance with M&A as well as restructuring matters”. In recent years, the team has placed particular emphasis on joint venture structuring and implementation. Georgiana Singurel, Partner and practice head, and Diana Fejer, Partner, coordinate the team in complex M&A projects, group reorganisations, and joint ventures between both public and private partners. Ștefan Cărămidă, Managing Associate, is recommended as leading associate and key lawyer, while Fraga Varadi and Andreea Zaharia, Senior Managing Associates, Ioana Popescu and Elena Costescu, Senior Associates, are recognized as key lawyers.

The firm’s Commercial and administrative dispute resolution practice obtained an improved ranking this year due to its multidisciplinary approach based on a broad team which excels in real estate and construction cases, regulatory disputes, banking sector matters, and energy-related lawsuits. “Post-M&A is also a strength and an example of the litigators’ integration into the firm’s wider services”. Practice head, Mihnea Galgoţiu-Săraru, who received for the fourth consecutive year the Next Generation Partner recognition, oversees the practice, drawing on diverse experience in multi-jurisdictional business law cases, and local bet-the-company matters. Ana Galgoţiu-Săraru, Counsel, Alina Stan, Senior Managing Associate, and Laura Șendroiu, Managing Associate, are recommended as key lawyers.

The Employment law team covers the full range of matters across labour and employment law but is “particularly well regarded for its assistance with post-M&A matters, including transfer of employees and TUPE transactions, HR due diligence in the context of M&A deals, and restructuring processes”. It is also engaged in labour law litigations initiated by major domestic and international companies. Florentina Munteanu, Partner, leads the practice and is well versed in transaction structuring, dismissals, and mutual agreement separations. Gabriela Ilie, Counsel, is recommended as leading associate and key lawyer, and Ana-Maria Vlăsceanu, Managing Associate, is recognized as key lawyer.

The firm’s EU and competition practice is appreciated for its success in advising foreign companies on their activities in the Romanian market, with a focus on FDI, merger clearance, Romanian Competition Council investigations, and state aid. Florentina Munteanu, Partner, heads this practice too and is recognized as leading partner, praised for her “pragmatic, hands-on approach” and attention to business needs. Other standout members of the team are Andrea Grigoraș, Senior Managing Associate, recommended as leading associate and key lawyer, and Mihnea Radu, Managing Associate, singled out as key lawyer.

Reff & Associates | Deloitte Legal’s Tax litigation practice “has an established reputation in the Romanian legal market, frequently assisting multinational companies with various tax aspects: VAT, excise duties, corporate income tax, personal income tax, environmental tax, and double taxation”. The team can support clients before various authorities – including Romanian tax authorities, the European Union Court of Justice, the European Court of Human Rights, and the European Commission – providing comprehensive services, from audits to infringement proceedings. Bogdan Mărculeț, Counsel, is recognised as leading associate and key lawyer, and Emanuel Bondalici, Senior Managing Associate, is mentioned as key lawyer, while Mihnea Galgoțiu-Săraru is also ranked as Next Generation Partner and key lawyer.

The PPP and procurement practice, newly ranked this year, is very well known for advising public-sector clients, including EU, national and local authorities, state-owned companies, and private parties, on all legal aspects of public procurement, concessions and public-private contracts. Georgiana Singurel, Partner, leads the team, drawing on her experience in that field. Adrian Coman and Fraga Varadi, Senior Managing Associates, and Alexandru Tinică, Senior Associate, are recognised as key lawyers.

The firm’s Restructuring and insolvency team, also newly ranked this year, advises creditors, debtors, and commercial partners on debt recovery, distressed acquisitions, and preventive agreements. The team combines diverse specialisms for a holistic service offering. Florentina Munteanu, Partner, leads this practice too, leveraging competition and employment law expertise, while Mihnea Galgoţiu-Săraru, Partner and key lawyer, leverages his extensive litigation experience. Gabriela Ilie, Counsel, and Miruna Stanciu, Managing Associate, are also recommended as key lawyers.

The TMT team stands out for its “notable experience in digital services, namely data protection, e-commerce, and digitalisation, with remarkable skill in regulatory compliance”. The team is led by Georgiana Singurel, Partner, who also coordinates the corporate and M&A and the PPP and procurement practices, focusing on regulatory compliance, technology, IP & digital law. At the same time, Silvia Axinescu, Counsel, Andreea Zaharia, Senior Managing Associate, and Corina Damaschin, Senior Associate, are recognised as key lawyers.

The ranking is conducted every year by the international publication Legal 500 and assesses law firms’ capabilities in over 150 jurisdictions based on feedback from 300,000 in-house lawyers, on information submitted by law firms and on interviews with leading lawyers.

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 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.

On 27th of March 2026, the Government Emergency Ordinance No. 18/2026 entered into force, introducing significant changes to the consumer protection legislation.

The main changes, effective as of 27 September 2026, concern:
▸Combating “greenwashing” practices: new definitions are introduced regarding environmental claims, sustainability labels, and certification systems; the scope of misleading actions and omissions is expanded; and new prohibited commercial practices are added;
▸Introducing expanded pre-contractual information requirements not only for distance contracts and off-premises contracts, but also for other types of contracts concluded with consumers, such as (where applicable) those concerning the legal guarantee of conformity, commercial guarantee of durability, after-sales services, commercial warranties, software updates, repairability score and availability of spare parts;
▸The obligation to use a harmonized notice and a harmonized label regarding the legal guarantee of conformity and the commercial guarantee of durability, respectively.

The main changes, effective as of 19 June 2026, refere to:
▸The introduction of an obligation to implement a technical mechanism for exercising the right of withdrawal from distance contracts concluded online, by incorporating a dedicated function into the online interface;
▸The establishment of a new legal framework for distance contracts regarding financial services, including pre-contractual information requirements, conditions for exercising the right of withdrawal, the obligation to provide adequate explanations (including the option to contact a natural person), and a ban on manipulative online interfaces;
▸Prohibiting the charging of fees that exceed the actual cost incurred by the trader for the use of a specific means of payment.

For a comprehensive analysis of these new regulatory requirements and how they affect your operations, please visit our website to read the complete article. »

• Michael Röck übernimmt die Leitung der Pkw- und Motorraddivision der MHS Holding AG
• Elmar Geisler wird die Aktivitäten in Rumänien und Deutschland steuern

Ab dem 1. April 2026 übernimmt Michael Röck die Position des CEOs der Pkw- und Motorraddivision der MHS Holding AG und wird die strategische Weiterentwicklung des Konzerns verantworten.

Mit umfangreicher internationaler Erfahrung in der Automobilindustrie wird Röck den Fokus auf die Weiterentwicklung und den Ausbau des Markenportfolios sowie auf die Erschließung neuer Wachstumsmöglichkeiten legen. Michael Röck bekleidete Führungspositionen bei Toyota und Lexus Österreich, General Motors sowie bei McLaren in Europa und im Nahen Osten.

Elmar Geisler übernimmt die Leitung der operativen Aktivitäten der Automobile Bavaria Group in Rumänien sowie der MHS Gruppe in Deutschland (einschließlich Autohaus Michael Schmidt GmbH) und ist verantwortlich für die Steuerung der Geschäftsaktivitäten sowie die Umsetzung der strategischen Ausrichtung auf lokaler Ebene.

Elmar Geisler verfügt über mehr als zwei Jahrzehnte Erfahrung in der Automobilbranche und kann auf eine erfolgreiche Karriere innerhalb der Porsche Holding Organisation zurückblicken, in der er verschiedene Führungspositionen auf regionaler Ebene innehatte. 
In seiner vorherigen Funktion als Managing Director war er für die Organisationen in Rumänien, Ungarn, Serbien und der Slowakei verantwortlich und leitete Transformations-, Expansions- und Konsolidierungsprozesse.

In seiner neuen Rolle verfolgt Elmar Geisler das Ziel, die Transformation von Automobile Bavaria Unternehmens zu einem modernen Mobilitätspartner zu beschleunigen, mit besonderem Fokus auf Digitalisierung, personalisierte Dienstleistungen und Premium-Kundenerlebnisse.

 

„Ich bin fest davon überzeugt, dass Erfolg auf Leidenschaft, Professionalität und der Fähigkeit zur kontinuierlichen Anpassung basiert. Rumänien ist ein Markt mit hohem Potenzial, und Automobile Bavaria verfügt über ein starkes Team sowie über mehr als 30 Jahre Erfahrung – ein klarer Wettbewerbsvorteil. In meiner neuen Rolle ist es mein Ziel, gemeinsam mit diesem Team die Weiterentwicklung des Unternehmens zu beschleunigen, unsere Position im Premium-Mobilitätssegment zu stärken und langfristige Beziehungen zu unseren Kunden und Partnern weiterzubauen, die auf Vertrauen, Leistung und Exzellenz basieren“, unterstrich Elmar Geisler, CEO Automobile Bavaria.

Michael Schmidt, Gründer und Präsident der MHS Holding und Automobile Bavaria, erklärte:

„Automobile Bavaria ist ein Maßstab in der Premium-Automobilbranche der Region, aufgebaut auf einem soliden Fundament und einem außergewöhnlichen Team. Wir sind überzeugt, dass das Unternehmen unter der Führung von Elmar Geisler seine Entwicklung fortsetzen und seine führende Position weiter stärken wird, indem es neue Chancen nutzt und flexibel auf die Anforderungen des Marktes in den kommenden Jahren reagiert.“

Über Automobile Bavaria Group

Die 1994 gegründete Automobile Bavaria Group ist das größte BMW- und MINI-Händlernetzwerk in Rumänien. Die Gruppe ist in den wichtigsten Städten des Landes präsent und betreibt landesweit 18 Standorte. In Bukarest wird in diesem Jahr der einzige Rolls-Royce Showroom der Region eröffnet.

Über ihre verbundenen Unternehmen vertreibt Automobile Bavaria eine breite Palette an Fahrzeugen, darunter die Marken Corvette, INEOS Grenadier, Toyota und Volkswagen Nutzfahrzeuge. Die Motorradsparte, Automobile Bavaria Moto Center, erweitert das Portfolio der Gruppe um die Marken BMW Motorrad, Kawasaki und Yamaha.

Neben den Kernaktivitäten bietet die Automobile Bavaria Group ihren Partnern und Kunden ein breites Spektrum integrierter Dienstleistungen:

·       Autovermietungsservices über Bavaria Mobility

·       Versicherungsdienstleistungen über Bavaria Broker;

·       neue und gebrauchte Fahrzeuge sowie Motorräder (Bavaria Used);

·       ein spezialisiertes Servicenetz auf nationaler Ebene.

Über MHS Holding

MHS Holding ist eine internationale Automobilhandelsgruppe mit Aktivitäten in Rumänien, Deutschland, Österreich und Spanien. Das Unternehmen erzielt einen Jahresumsatz von rund 700 Millionen Euro, beschäftigt etwa 1.500 Mitarbeiter und liefert jährlich über 10.000 neue und gebrauchte Fahrzeuge aus. Aufgrund des Umfangs seiner Aktivitäten zählt die Gruppe zu den bedeutendsten Akteuren im Automobilhandel in Mittel- und Osteuropa.

In Deutschland wird MHS Holding durch Autohaus Michael Schmidt GmbH, einen BMW- und MINI-Händler mit sieben Standorten in der Region München, sowie durch Schmidt Premium Cars, den einzigen Rolls-Royce Händler in Süddeutschland, vertreten. Das Unternehmen stärkt seine Position durch einen Multi-Brand-Ansatz mit Marken wie INEOS Grenadier, Genesis und XPENG und trägt aktiv zur Erweiterung und Diversifizierung des Premium-Mobilitätsangebots auf dem deutschen Markt bei.
 

Bucharest, April 1, 2026 – Romania is the most dynamic mergers and acquisitions (M&A) market in Central and Eastern Europe, with a 9% growth rate in the number of transactions in 2025, more than double the region's 4%, according to Mergermarket data analyzed by Deloitte Romania. Second and third place are occupied by Hungary and the Czech Republic (8% each), while the market in the largest country in the region, Poland, stagnated.

In terms of share in the total number of transactions in the region, the local M&A market is the only one that has grown steadily over the past five years, from 13% in 2021 to 18% of total volume in 2025. Romania thus consolidates its second place in the top of the most active markets in Central and Eastern Europe and, in addition, reduces the gap compared to the market leader, Poland, whose share decreased to 39% in 2025 (from 41% in 2024).

In terms of the geographical areas from which investors who were active in Central and Eastern Europe in 2025 come, Romania is part of the regional trend, with a market dominated by local investors, but their share (44%) is the lowest in the region (Hungary - 66%, Czech Republic - 53%, Poland - 52%), according to the analysis carried out by Deloitte Romania based on Mergermarket data.

As for transactions in Romania with an estimated or communicated value of over 5 million euros, Deloitte Romania's analysis shows that they amounted to 130 in 2025, and the total market value was 5.5-5.9 billion euros. Excluding mega-transactions (over 500 million euros), the average value of a transaction was 37 million euros in 2025, compared to 34 million euros in the previous year.

"The constant increase of Romania's share in the region's M&A market confirms the attractiveness of our country for both strategic investors and investment funds. We see an increasingly competitive market, where investors find solid projects and sectors with impressive growth and yields. We expect Romania to consolidate its dynamic and attractive market position, and local investors to remain an important pillar of the market in 2026 as well. It is also worth noting that local private equity and venture capital funds, which raised record funds of more than 250 million euros in 2024, have continued to mature in 2025 and are expected to become increasingly strong and attractive partners for companies that want to move to the next level of development and efficiency", said Radu Dumitrescu, Advisory Partner-in-Charge, Deloitte Romania.

Strategic investors dominated the market in 2025 as well, with their share increasing to 92% of the total number of transactions, from 89% in the previous year, according to Deloitte's analysis on transactions worth more than 5 million euros. As for the country of origin, Romania has the highest share both in terms of number of transactions (31%) and value (21%).

The sector in which the most transactions were recorded in 2025 in Romania remains real estate and construction (19%), followed by industrial products and services (17%), energy (14%), consumer products (10%) and technology (8%). In terms of value, the medical sector leads, with 22% of the total market. The energy sector recorded a decrease in the share of value (to 19%, from 34% in 2024), followed by industrial products and services (15%), tourism and hospitality (11%) and consumer products (8%).

Regarding foreign strategic investors, Deloitte's analysis shows that those from Finland invested the largest amounts (18% of the local market value in 2025), followed by those from Luxembourg (11%), the United Arab Emirates (6%) and the USA (5%). Depending on the number of transactions in which they have been involved, strategic investors in the US remain in second place, with a share of 7% of the number of transactions, those in the UK, Poland and Austria having equal shares of 5%.

The share of transactions of more than 5 million euros with undisclosed value increased in 2025 to 73% (from 64% in 2024), the highest in the last five years. In terms of segmentation by value ranges, the local market remains dominated by transactions with a value between 5 and 20 million euros (76 out of the 130 transactions analysed).

Deloitte Romania coordinates a multidisciplinary M&A practice, with a holistic approach, which includes business lines such as Corporate Finance, Due Diligence, Post-Merger Integration, Tax Advisory and Legal Advisory. Thus, Deloitte's teams of professionals can cover all relevant aspects of a transaction.

Note: The analysis is based on information collected from public sources and updated with transaction values resulting from the most recent information available.

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.

CMS is pleased to announce that Andrzej Pośniak and Horea Popescu have been appointed as CMS’s Managing Directors for Central and Eastern Europe (CEE), responsible for managing and developing CMS operations across the region. Andrzej and Horea begin their four-year term with effect from 1 April 2026, succeeding Dóra Petrányi who has managed CMS’s CEE operations since 2016 and has been appointed Head of the firm’s global Technology, Media, IP and Competition (TMIC) practice from 1 April 2026.

Stephen Millar, CMS Managing Partner at CMS UK, comments: “Andrzej and Horea have more than 45 years of combined experience and are excellently placed to lead our CEE offices into their next chapter. CMS is the largest law firm in the CEE region, and we are confident Andrzej and Horea will continue to build on this strong platform to further bolster our reputation as the leading law firm in CEE. I’d also like to thank Dora for her significant contribution to the success of our CEE practice over the last 10 years.”

Andrzej joined CMS in 2003 and has been Office Managing Partner at CMS Poland since May 2019. Horea joined CMS in 2004 and has been Office Managing Partner at CMS Romania since November 2020. Both Andrzej and Horea will continue in these respective roles, in addition to taking on their new Managing Director responsibilities.

Andrzej Pośniak comments: “CMS has established strong foundations across CEE, which are built on a commitment to our people, fostering a collaborative and inclusive culture where talent thrives. Placing clients at the heart of our strategy, we are focused on shaping the firm's long-term growth and driving technological transformation to ensure CMS remains the law firm of choice throughout the region.”

Horea Popescu comments: “CMS in CEE has had an impressive growth story over this last decade and we look forward to continuing this trajectory. By investing in our teams, nurturing strong client relationships, and upholding the values that define CMS, we are well-positioned to meet the evolving needs of our clients and the markets we serve. CEE is an important growth region in Europe, and we look forward to the opportunities ahead.”

CMS is the only law firm to be top-ranked in the Chambers & Partners Global Legal Guide in every CEE category, year-after-year. In 2025, CMS was also recognised with three award wins at the Chambers Europe Awards, including being named Europe Law Firm of the Year and CEE Firm of the Year, recognising CMS’s top tier offering across the CEE region.

The modern office stock in Romania’s main regional cities – Cluj - Napoca, Timisoara, Iasi and Brasov - currently stands at approximately 1.08 million sq. m, while no office project has been delivered in these markets over the past two years, according to “Romania Office Report” released by the Cushman & Wakefield Echinox real estate consultancy company.

As a result, the regional cities in question account for around 25% of Romania’s modern office stock, estimated at approximately 4.5 million sq. m, even though their demographic and educational potential is comparable to or even exceeds that of Bucharest. Data from the National Institute of Statistics shows a total of 197,000 students in the four regional cities, nearly 10% more than in the capital city, which hosts around 180,000 students.

Despite this strong potential, the office stock in Romania’s regional cities remains 68% lower than the corresponding one in Bucharest, highlighting a significant gap between latent demand and the current supply level.

In comparison, Poland’s regional office markets have expanded rapidly over the past decade, with the total stock outside Warsaw exceeding 6.7 million sq. m, surpassing the capital’s 6.2 million sq.m. Over the last ten years, the Polish regional cities have benefited from more than 3.2 million sq. m of new office developments, compared to just 580,000 sq. m delivered in Romania’s regional cities.

The largest office markets outside Warsaw are Kraków, Poznań, Katowice, Wrocław and the Tricity (Gdańsk, Gdynia, and Sopot) area, which together account for approximately 5.7 million sq. m of office spaces. In addition, three other Polish cities – Łódź, Lublin and Szczecin - each have an office stock exceeding that of Brasov (152,000 sq. m).

From a human capital perspective, the differences are even more pronounced. While Warsaw concentrates approximately 259,000 students, Poland’s regional cities host more than 654,000 students.

In the Czech Republic, although the gap between Prague and regional cities remains significant, development has been more balanced than in Romania when considering some demographic indicators. The combined office stock in Brno and Ostrava totals 961,000 sq. m, of which 276,000 sq. m were delivered over the past decade, compared to the 3.9 million sq. m stock in Prague. The two regional cities host approximately 90,000 students, compared with 138,000 in Prague.

Poland’s regional cities continue to attract the highest level of development activity, with more than 150,000 sq. m of office spaces under construction, followed by the Czech Republic with 95,000 sq. m. In contrast, only 23,000 sq. m are currently under construction in Romania, reflecting both developer caution and structural market constraints.

The analysis of office space density reported to the student population highlights substantial differences across markets.

In Bucharest, the indicator stands at 19 sq. m per student, compared to 24.1 sq. m per student in Warsaw and 28.6 sq. m per student in Prague. In Romania’s regional cities, density ranges from 4.8 sq. m per student in Cluj - Napoca to 6.5 sq. m per student in Timisoara, corresponding to an overall average of 5.5 sq. m per student (vs. 10.3 and 10.7 sq. m per student in the Polish and Czech regional cities respectively).

Nevertheless, Romania’s regional cities stand out for their relatively tight office availability, with vacancy rates ranging between 8.5% and 16.7%, comparable to or even lower than those seen in many regional cities in Poland, where the vacancy rates often exceed 18 - 21%. At the same time, the prime headline rents remain competitive, at €13 - 17/ sq. m/ month, below peak levels in regional hubs such as Brno or Kraków, where rents can reach up to €18 - 19/ sq. m/ month.

Mădălina Cojocaru, Partner, Office Agency, Cushman & Wakefield Echinox: “The 2026 regional office market outlook reflects a resilient yet increasingly selective landscape across Romania’s main business hubs outside Bucharest, while also highlighting their significant untapped potential. Cluj - Napoca stands out both in terms of market size and leasing activity, while Timisoara, Iasi and Brasov compete through lower occupancy costs, access to skilled talent and improving connectivity. Solid demographics – more than 1 million inhabitants and nearly 200,000 students - support long-term growth prospects, while limited development activity is expected to put upward pressure on rents.”

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

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for occupiers and investors with approximately 53,000 employees in over 350 offices and nearly 60 countries. In 2025, the firm reported revenue of $10.3 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and others. Built around the belief that Better never settles, the firm receives numerous industries and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.

• 92% of global C-suite executives expect growth in 2026, maintaining confidence despite ongoing economic uncertainty.
• 69% of companies at the global level are increasing financial investment, with IT/technology transformation (39%) and adapting to competition and tariffs (24%) as top priorities.
• 86% of Romanian executives expect growth this year, showing strong local resilience even amid rising economic and energy pressures.
• 65% of Romanian businesses are boosting investment in people and operations, while AI (40%) and energy costs (36%) are shaping strategic decisions.

Forvis Mazars Group, the international audit, tax and advisory services partnership, today reveals the results of its annual C-suite barometer and the outlook for businesses in 2026. 

Drawing on the firm’s most comprehensive global survey to date, the C-suite study shows that business adaptability is considered the key to success. Capturing views from over 3,000 executives across 40 countries and territories, the research shows leaders’ confidence is rising (up six points on previous year): they are revising their approach and accelerating plans with 69% increasing investments across all business areas (up five points). 

In fact, all of the top ten strategic priorities for C-suite executives highlight a fundamental shift in business strategy for 2026. Key findings show:  

• Transformation through technology leads the agenda: the number one strategic priority for global C-suite leaders is transformation through IT and technology, with three-quarters of businesses now having a tech transformation strategy in place.  
• Leaders are adapting to competition and tariffs: nearly a quarter of business leaders are focused on adapting to competition and tariffs (second top strategic priority), reflecting a shift in priorities as global uncertainty becomes the new normal.  
• International expansion plans are shifting: international expansion plans are becoming more diverse as Canada, Germany, France and China (respectively) now compete with the U.S. as the top destinations C-suite executives are targeting.  
• Operational agility rises in importance: operational agility has climbed two places. It’s now the third factor most likely to have the biggest impact on strategies and now among the top five investment areas for transformation.  
• AI is reshaping the workforce: artificial intelligence is both creating and replacing jobs, with 80% of leaders having restructured teams in the last two years to support AI adoption.  

Discover more of our findings and expert insights.

Responding to these latest findings, Mark Kennedy, Partner and Chief Clients & Markets Officer at Forvis Mazars Group commented: “Uncertainty is now the norm, but leaders are responding with adaptability, bold investments and a focus on technology-driven transformation. Our research shows that success in 2026 will depend as much on adaptability as on ambition. The most forward-thinking organisations are embracing change, investing in people and technology and reimagining their strategies to stay ahead of disruption and competition.” 

While global uncertainty and disruption have led to a slight dip in expected revenue growth (82% compared to 85% in 2025), opportunities are still abundant among the challenges and leaders are confident they are building organisations ready for what’s next.  

Results show optimism for future growth is high with 92% of executives, maintaining the level seen in 2025. For the fourth year, economic uncertainty (42%) tops the list of factors most likely to hold back growth, closely followed by increased competition (32%) for the second year. Meanwhile, artificial intelligence (40%) and economic factors (38%) are identified as the trends most likely to impact businesses in 2026.  

These new or heightened risks and opportunities are influencing a shift in plans and priorities for the world’s executives. Technology transformation remains the ultimate priority (39%) for the fourth consecutive year, but it’s only part of the strategy. Nearly a quarter of leaders (24%) are adapting business models and strategies to counter rising competition and recent tariff disruptions. At the same time, international expansion remains a priority (23%), although not in the markets that once dominated. 

Transformation through technology 

Tech-driven transformation remains the ultimate goal and the top priority of C-suite executives worldwide. In fact, 94% of leaders expect their technology transformation investments to increase their profits in one year. AI is top of the agenda - it’s the top trend having the biggest impact on business (40%), the top area of investment (76%) and 80% of leaders have restructured teams to implement AI. However, this is part of a broader vision to transform business through technology. Data analytics and automation are ongoing revolutions, and underpinning the entire transition is an ever-present requirement for security.  

Adapting to competition and tariffs 

Intensifying competition and the shake-up to global trade are also reshaping strategic agendas for business leaders worldwide. Nearly a quarter of C-suite executives cite this as a top strategic priority, pushing it into second place for the first time. In this climate, the initial hurdles of tariff changes can be seen nine months later, as the adjustments that are prompting organisations to pursue cost efficiencies, innovate with new offerings and enter new markets.  

A change in direction for international expansion 

Globally, there is a slight drop in the number of new countries businesses are expanding into with two in five having reduced their international expansion plans in the past year. However, the barometer shows that over half have added more countries they’re targeting for expansion and that most expansion plans should come to fruition in the next year or two. ​Targets for international expansion are also shifting, especially toward countries outside the US, with Canada, Germany, France and China now equally important and attractive for businesses. ​ 

Almost nine in ten C-suite executives in Romania are optimistic about this year’s growth

Romanian business leaders remain notably optimistic for 2026, with 86% of C-suite executives expecting growth, slightly below the 92% reported globally and down marginally from 90% in 2025. While confidence is strong locally, Romanian executives are more cautious than their global peers, reflecting the economic and operational pressures unique to the region.

Revenue growth tells a similar story. Just over half of Romanian executives (54%) report rising revenues, a significant drop from 82% last year, compared with 82% of global leaders still seeing revenue growth. The data highlights how economic uncertainty (54%) and rising energy costs (44%) are weighing more heavily on Romanian businesses, underscoring the country-specific challenges beyond the global factors of economic uncertainty (42%) and increased competition (32%).

“In Romania, I see our business leaders embracing technology and IT transformation just like their peers around the world. At the same time, they are very focused on restructuring, managing costs and staying on top of compliance. It’s clear that Romanian executives are walking a careful line - pushing for innovation while making sure their organisations remain resilient in the face of economic pressures. Their approach to managing these challenges reflects a sustained focus on growth, reinforced by strong investment activity, with two-thirds of Romanian businesses increasing financial and human capital investment to support ongoing transformation.”, mentioned Dino Ebneter, Country Leader, Forvis Mazars in Romania.

Artificial intelligence continues to shape the business landscape, identified by 40% of Romanian respondents as a key trend - matching the global view. Energy costs and shortages (36%) further compound local pressures. Yet confidence in navigating these developments has softened: only 22% of Romanian leaders feel “very confident”, compared with 43% globally, indicating a steeper challenge in turning strategic priorities into results.

Investment trends remain robust. Two-thirds of Romanian businesses are increasing financial and human capital investment (65%), slightly below the 69% global averages, signaling continued commitment to building capabilities that will support growth and transformation despite current pressures.

Overall, Romanian leaders remain upbeat, but success in 2026 will hinge on adaptability: balancing investment with cost management, navigating energy volatility and leveraging technology and talent to build more resilient, future-ready organisations - mirroring global priorities while responding to uniquely local challenges.

Download our full report. 

###

About the study     

The C-suite barometer: outlook 2026 examines the views, challenges, and strategic priorities of today’s C-suite leaders around the world. This independent research was conducted in October and November 2025 and captures the views of 3012 C-suite leaders at for-profit organisations with annual revenues of over $1million across 40 countries.   

Contacts

Emilia Popa, Head of Marketing, Communication, and Business Development,

Forvis Mazars in CEE & in Romania
emilia.popa@forvismazars.com  / +4 741 111 042

Mădălina Lazăr, PR & Corporate Communication Manager, Forvis Mazars in Romania
madalina.lazar@forvismazars.com  / +4 763 385 622

About Forvis Mazars

Forvis Mazars Group SC is an independent member of Forvis Mazars Global, a leading professional services network. Operating as an internationally integrated partnership in over 100 countries and territories, Forvis Mazars Group specialises in audit, tax and advisory services. The partnership draws on the expertise and cultural understanding of over 40,000 professionals across the globe to assist clients of all sizes at every stage in their development.

Visit forvismazars.com to learn more.

About Forvis Mazars in Romania

In Romania, Forvis Mazars has 30 years of experience in audit, tax, financial advisory, outsourcing, consulting, and sustainability. We empower over 370 people to deliver our promise to clients with confidence.

Visit forvismazars.com/ro to learn more.

In recent years, Romanians have increasingly chosen to turn traditional holidays into full mini-vacations, opting for destinations that combine relaxation, gastronomy, and nature-based experiences. The trend is especially visible around Easter, when hotels in mountain resorts and seaside destinations become alternatives to festive meals organized at home.

In this context, the Ana Hotels group is focusing this season on two of Romania’s most sought-after holiday destinations — the Black Sea coast and Poiana Brașov — through special packages that combine Easter traditions with wellness facilities, gastronomy, and family-friendly activities.

This year’s concept is built around the idea of celebrating at a slower pace, away from urban crowds, in a natural setting that allows both relaxation and outdoor recreation.

The seaside, increasingly popular in spring

The resort of Eforie Nord is becoming a more popular option even outside the summer season, driven by growing interest in health and wellness tourism.

At Ana Hotels Europa, the Easter package includes access to the spa center, balneotherapy treatments, and culinary experiences inspired by Romanian traditions, complemented by activities for families and children such as egg hunts and creative workshops.

Beyond festive meals and themed programs, tourists choose this destination for the combination of sea air, mud and salt-water therapies from Lake Techirghiol, and spa facilities that can turn a long weekend into a complete recovery experience.

Easter holiday in a mountain setting

Poiana Brașov remains one of the preferred Easter destinations for those who choose the mountains, thanks to its natural scenery, peaceful atmosphere, and the variety of outdoor activities available.

At Ana Hotels Poiana Brașov, the Easter package includes festive dinners, relaxation programs, access to spa facilities, and nature experiences ranging from light hiking to recreational activities for the whole family. Children will have their own special program, including creative workshops in the Kids Club, outdoor activities, a theater performance dedicated to young guests, and an enchanted egg hunt on the meadow in front of the hotel.

Hoteliers say interest in such packages is growing, especially among families and couples who prefer to turn the holidays into a full stay rather than just a weekend trip.

Holidays become experiences, not just traditions

The hospitality industry is seeing a clear shift in tourist behavior, with the focus moving from accommodation to experience.

Themed programs, spa services, gastronomy, and outdoor activities are becoming essential factors in choosing a destination, while holiday periods are increasingly used for short but complete vacations.

Through its Easter packages, Ana Hotels is following exactly this direction — offering stays that combine tradition with comfort and relaxation, whether by the sea or in the middle of nature.

Constanța, 19. März 2026 – Kärcher, weltweit führend in der Reinigungstechnologie, stärkt seine Präsenz auf dem rumänischen Markt durch die Eröffnung des Kärcher Center Constanța, der neunten eigenen Niederlassung des Unternehmens auf nationaler Ebene.

Das neue Zentrum, gelegen am Boulevard Aurel Vlaicu Nr. 317, ist als regionales Kompetenzzentrum konzipiert und richtet sich sowohl an professionelle Kunden aus der Küstenregion und den angrenzenden Landkreisen als auch an private Anwender. Mit dieser Investition möchte das Unternehmen den Zugang zu professionellen Reinigungslösungen, Beratungsleistungen und spezialisiertem technischem Support für Unternehmen und Verbraucher in der Küstenregion und den benachbarten Gebieten erleichtern.

Das regionale Kärcher Center Constanța bietet professionelle und private Reinigungslösungen, erstreckt sich über eine Fläche von mehr als 350 m² und stellt den Kunden über 500 Produkte zur Verfügung – darunter Geräte und Zubehör sowohl für den professionellen als auch für den privaten Einsatz.

Für den professionellen Bereich bietet das Zentrum Reinigungslösungen für sämtliche Branchen der Region, darunter Hotellerie und Gastronomie (HoReCa), Schifffahrt, Logistik, Bauwesen und Landwirtschaft. Kunden finden hier ein umfassendes Sortiment an spezialisierten Geräten, wie professionelle Bodenreinigungsmaschinen, Kehrmaschinen, Industriesauger und Hochdruckreiniger.

Im Bereich für Privatanwender können Kunden sowohl die etablierten Kärcher‑Produkte als auch spezialisierte Geräte für verschiedenste Reinigungsanwendungen entdecken: Akku‑Staubsauger mit Wischfunktion, Saugroboter, Hochdruckreiniger, Nass‑/Trockensauger, Dampfreiniger, Geräte zur Gartenpflege sowie speziell entwickelte Reinigungsmittel für unterschiedliche Einsatzbereiche.

Reinigungsakademie für Profis im neuen regionalen Zentrum

Neben dem kommerziellen Bereich umfasst das neue Zentrum auch eine Reinigungsakademie, einen speziell eingerichteten Schulungsbereich für Fachkräfte aus der professionellen Reinigungsbranche.

Hier können Unternehmen sowie Fachkräfte aus dem Bereich der professionellen Reinigung von maßgeschneiderten Trainings, Gerätevorführungen und technischem Support für ihre Teams profitieren. Diese Initiative unterstreicht das Engagement von Kärcher, zur Weiterentwicklung professioneller Standards in der Branche beizutragen und seinen Partnern nicht nur leistungsstarke Geräte, sondern auch Fachkompetenz und praxisnahes Know‑how zu bieten.

„Die Eröffnung der neuen Kärcher‑Center‑Niederlassung in Constanța stellt einen strategischen Meilenstein für die Stärkung unserer Präsenz im Südosten Rumäniens dar. Mit diesem neuen Standort bieten wir unseren Partnern nicht nur eine sofortige Verfügbarkeit einer breiten Palette professioneller Reinigungslösungen für jede Herausforderung – unabhängig von Branche oder Einsatzgebiet –, sondern auch Zugang zum Kärcher‑Service sowie zur Kärcher‑Reinigungsakademie. Wir sind stolz darauf, in Constanța auch diesen Akademiebereich zu eröffnen, ein speziell entwickeltes Konzept zur Unterstützung der Weiterentwicklung von Reinigungsstandards in der lokalen Industrie und im HoReCa‑Sektor. Unser Ziel ist es, dieses regionale Zentrum zu einem echten Anlaufpunkt für Profis zu machen, indem wir ihnen Expertise, Know‑how sowie erstklassige Service‑ und Mietleistungen bieten, die die operative Effizienz von Unternehmen und kleinen lokalen Betrieben unterstützen.“
— Georgiana Tudor, Managing Director Kärcher Rumänien, Regional Director South East Europe

Kontinuierliche Investitionen auf dem rumänischen Markt

Der Ausbau des Kärcher‑Netzwerks erfolgt vor dem Hintergrund einer stabilen finanziellen Entwicklung des Unternehmens auf dem lokalen Markt. Mit einem stetig wachsenden Umsatz in den letzten Jahren investiert Kärcher weiterhin in den Ausbau eigener Standorte, um die direkte Beziehung zu lokalen Partnern zu stärken und seine Position als Marktführer für Reinigungslösungen in Rumänien weiter zu festigen.

Über Kärcher

Kärcher ist weltweit führend im Bereich der Reinigungstechnologie. Das Familienunternehmen schloss das Jahr 2025 mit einem Umsatz von 3,5 Milliarden Euro ab, beschäftigt über 17.000 Mitarbeitende in 87 Ländern und verfügt über mehr als 170 Niederlassungen. Weltweit sorgen über 50.000 Servicezentren für eine umfassende Betreuung der Kunden.

In Rumänien ist Kärcher mit einer eigenen Landesgesellschaft sowie einem umfangreichen Netzwerk von Kärcher‑Centern und autorisierten Händlern vertreten.

Green energy infrastructure, the most dynamic sector over the next five years in Romania (81%), the Czech Republic (72%) and Poland (61%)

Bucharest, March 23, 2026 – Construction costs and plot acquisition for future developments are the main concerns of real estate developers in Central Europe in 2026 (27% and 25% respectively), surpassing labor costs and availability, which were the dominant challenges a year ago (19% compared to 26% in 2025), according to the Deloitte 2026 Real Estate Confidence Survey for Central Europe, conducted in several countries in the region, including Romania. On the other hand, issues related to project financing, which represented a major concern to most real estate developers two or three years ago, are now mentioned by only 6% of the participants in the study, confirming improved access to capital and more stable financial markets.

This year's edition of the study indicates balanced expectations regarding the market activity – 54% estimate that activity will remain the same in 2026, while more than a third (35%) expect an improvement. Players in Poland are the most optimistic – 67% foresee an increase in market activity –, while those in the Czech Republic and Romania are more cautious (38% and 29% respectively expect market activity to improve).

In contrast, the share of participants anticipating an increase in the value of real estate transactions in the near future has fallen below 50% (from almost 60% a year ago). The level of optimism ranges from 53% in Poland to 29% in Romania (both up compared to 2025).

The residential sector is, for the second year in a raw, perceived as the most competitive by many study participants (22%, but down from 36% a year ago), while interest in residential for rent projects has doubled (from 9% in 2025 to 18% this year). A promising sector appears to be data centers, indicated by 13% of participants as the most competitive, on a par with the industrial and retail sectors, both up from last year.

Over the next five years, green energy infrastructure is perceived as the most dynamic sector, leading both in the region (66%) and in the main countries participating in the study - Romania (81%), the Czech Republic (72%) and Poland (61%). Data centers (34%) and healthcare (26%) are coming next.

The perception on the economic climate also indicates stability in the coming period (almost 60% of participants expect it to remain unchanged, while only 13% anticipate a deterioration). In Romania, the sentiment is more balanced than a year ago – 24% of participants estimate economic climate to improve (compared to 14% in 2025), and 38% have negative expectations (compared to 57% last year). Poland also stands out in this regard, with 53% of participants expecting economic conditions to improve this year, while in the Czech Republic the share of the optimistic ones has declined to 32% (from 45% in 2025). 

The fiscal framework will remain stable in the near future in the region, according to 73% of participants, while the majority of those in Romania (71%) expect a tightening of the tax regime.

"The conclusions of the study indicate that the real estate market in Central Europe is balanced, and players are counting on stability amid the current global economic climate marked by uncertainty. For Romania, we note an improved perception regarding the economic climate compared to last year, probably due to the prospects for adjusting macroeconomic imbalances and, consequently, the expectations regarding market activity and the value of real estate transactions. On the other hand, companies operating in Romania face both challenges specific for the region (rising construction costs) and others specific to the local market - struggles in authorization and constantly changing legislation. On the other hand, the development of road infrastructure creates investment opportunities in several regions of the country", said Irina Dimitriu, Partner at Reff & Associates | Deloitte Legal and Real Estate Industry Leader at Deloitte Romania.

Concerns regarding ESG compliance (environmental, social and governance) remain important for only 6% of the companies in the sector, down from 12% last year, and market participants believe that interest will remain high in both ESG-compliant and non-compliant properties, but with a price difference of up to 15% in favor of compliant ones.

Deloitte has been conducting the Real Estate Confidence Survey for Central Europe since 2019 to find out how professionals in the field perceive the market. Three groups of stakeholders participate in the study - developers, investors and market advisers. In the 2026 edition, the most respondents came from the Czech Republic (30%), Poland (23%), Romania (14%), Hungary (5%), while 28% operate across Central Europe markets.

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.

Easter at L’Atelier Relais & Châteaux is all about celebrating togetherness in an elegant setting, with dishes crafted to delight the senses. On April 12th, from 1:00 to 5:00 PM, you are invited to discover a truly special family brunch, designed to transform your holiday into a memorable experience.

The menu brings together refined appetizers such as oyster bar, salmon trout gravlax, foie gras terrine on brioche, Quiche Lorraine, truffle Brie “en croûte”, beetroot tartare with plums, eggplant salad, Romanian lamb & egg terrine, beef salad, and Romanian sour meatball soup. At your table, enjoy warm dishes: sautéed prawns with spring garlic beurre blanc and confit carrots, lamb cutlets with rosemary jus, and roasted duck à l’orange, accompanied by classic sides.

To finish, a tempting dessert buffet awaits, featuring home-made cozonac, traditional pasca, Basque cheesecake, macarons, and Black Forest tart.

Every detail is thoughtfully curated to bring a touch of magic to your Easter table. The brunch includes a welcome drink, and the festive atmosphere is enhanced by the signature elegance of L’Atelier.

April 12th | 1:00–5:00 PM
L’Atelier Relais & Châteaux
Reservations: 0740 089 565 | restaurant@epoque.ro

Family Easter Brunch | 440 Lei/person

We look forward to welcoming you for a memorable Easter celebration.

On April 10, 2019, Regulation (EU) 2019/452 (hereinafter also referred to as the “Regulation”) was adopted, with the aim of establishing a framework for the review by Member States of foreign direct investments in the European Union on grounds of security or public order. Under this Regulation, Member States are responsible for implementing mechanisms to screen foreign direct investments, including establishing criteria for triggering the screening, the grounds for the screening, and the applicable procedural rules, while ensuring compliance with the principles of transparency and non-discrimination among third countries.

In this context, on April 18, 2022, Romania adopted Emergency Ordinance No. 46/2022. While some European Union member states have established a more lenient regime, subjecting only investments originating from third countries to review, Romania has opted for a stricter regime. Thus, while initially only investors from outside the European Union were subject to Emergency Ordinance No. 46/2022, following the amendment introduced by Emergency Ordinance No. 108/2023, the foreign investment screening procedure was extended to include investors from the European Union, and by the end of 2024, it will also apply to investors from Romania.

Since the procedure for reviewing foreign and European Union investments raised numerous practical issues—including challenges in determining which investments fall under this authorization mechanism and the lengthy review periods, which tend to discourage investors— on March 13, 2026, Emergency Ordinance No. 17/2026 was adopted with the aim of streamlining this procedure.  

The amendments introduced by Emergency Ordinance No. 17/2026 aim to accelerate the procedure by establishing shorter deadlines for reviewing authorization applications, relieving the Competition Council by transferring certain responsibilities within the authorization procedure to the Prime Minister’s Office – or by the Government, and supporting investors by reducing the authorization fee from 10,000 euros to 5,000 euros. Furthermore, significant changes have been made regarding the statutory threshold for investments falling under the scope of Emergency Ordinance No. 46/2022, by increasing it from €2,000,000 to €5,000,000 and by introducing the concept of “sensitive areas,” clearly defined by Emergency Ordinance No. 17/2026.

The acquisition of tangible and/or intangible assets. Notably, the amendments introduced by Emergency Ordinance No. 17/2026 it is clarified that foreign direct investments or investments from the European Union include investments through which an investor acquires tangible and/or intangible assets in sensitive sectors for the purpose of conducting an economic activity, as defined by Article 2¹of the Ordinance. Furthermore, Emergency Ordinance No. 17/2026 introduces a new article—namely Article 2¹  – which defines the concept of sensitive sectors, while also specifying that this article applies exclusively to transactions involving the acquisition of tangible and/or intangible assets for the purpose of conducting an economic activity, without prejudice to the sectors provided for in Article 2 of CSAT Decision No. 73/2012 or the provisions of Government Emergency Ordinance No. 98/2010 on the identification, designation, and protection of critical infrastructure, approved with amendments by Law No. 18/2011, as subsequently amended and supplemented.

Specifically, the sensitive sectors concern (1) critical and advanced technologies (such as, for example, artificial intelligence, robotics, semiconductors), (2) critical infrastructure (including sectors such as, for example, energy, transportation, and water infrastructure), (3) the pharmaceutical sector (including, for example, research, development, and production activities), (4) the defense sector and defense industry (including, but not limited to, activities such as the production, development, and maintenance of equipment, technologies, component systems, and subassemblies), (5) the agri-food sector (including, but not limited to, production facilities, agricultural land, and grain port terminals). In any case, prior to these legislative changes, investors typically sought authorization for investments involving the acquisition of assets and targeting the areas of activity set forth in Article 2 of CSAT Decision No. 73/2012.

Amendment of the threshold for investment review. The relevant rule is established by Article 3 of Government Emergency Ordinance No. 46/2022, to the effect that foreign direct investments, investments from the European Union, and new investments that (1) relate to the fields of activity provided for in Article 2 of Decision No. 73/2012 of the Supreme Council for National Defense regarding the application of Article 46(9) of Competition Law No. 21/1996, as republished, with subsequent amendments and additions, in accordance with the criteria set forth in Article 4 of the Regulation; and (2) whose value exceeds the threshold of 5,000,000 euros, calculated at the exchange rate communicated by the National Bank of Romania valid for the last day of the fiscal year preceding the year in which the transaction took place.

The amendments to Government Emergency Ordinance No. 46/2022 have raised the threshold for investments subject to review from 2,000,000 euros to 5,000,000 euros.

Furthermore, pursuant to the amendments introduced by Government Emergency Ordinance No. 17/2026, foreign direct investments, new investments, and investments from the European Union that do not exceed the threshold of 5,000,000 euros may also be subject to review and approval by the CEISD if, by their nature or effects/ , in relation to the criteria set forth in Article 4 of the Regulation, may have an impact on national security or public order, pose risks to them, or are likely to affect projects or programs of interest to the European Union.

The regime for similar or interdependent transactions. Another amendment to Government Emergency Ordinance No. 46/2022 clarifies the regime for similar or interdependent transactions. In other words, if two or more transactions take place within a one-year period between the same persons or entities regarding the same entity, with a similar or interdependent purpose, the investor may submit a single application for authorization covering all of them.

Furthermore, if, within a one-year period, two or more interdependent transactions are carried out by the same natural and/or legal person or take place between the same natural and/or legal persons, they are considered to constitute a single investment if the value of each individual transaction is below the threshold of 5 million euros, and the obligation to submit the authorization application arises when the cumulative value of the transactions reaches the 5 million euro threshold.

Moreover, given that Romania is in the process of acceding to the OECD, the new regulations also clarify that restructuring or reorganization operations carried out by an investor from the European Union as defined in Article 2(h) h) of Government Emergency Ordinance 46/2022 or from one of the states that have acceded to the Organization for Economic Cooperation and Development (OECD) Codes on the liberalization of capital movements and current invisible transactions, provided that these do not result in changes in effective control or beneficial ownership, and the source of financing is intra-group or exclusively from sources originating in the European Union or from states adhering to the OECD Codes on the liberalization of capital movements and current invisible transactions. This legislative amendment is welcome, as it creates a more flexible framework for intra-group financing that meets the requirements to be exempt from the authorization regime provided for in Government Emergency Ordinance No. 46/2022.

Authorization Procedure. Regarding the authorization procedure, the application is submitted to the CEISD Secretariat, which is managed by a specialized unit within the Competition Council.

If necessary, CEISD may request that the potential investor provide additional information, which the investor must submit within 30 calendar days of the date of CEISD’s request. Thus, Emergency Ordinance 17/2026 amended the deadline by which the potential investor may submit the requested information from 15 calendar days (as provided by the previous regulation) to 30 calendar days. Furthermore, according to the new legislative amendments, in duly justified cases, at the request of the foreign investor or, as the case may be, the investor from the European Union, this period may be extended by an additional 15 calendar days from the date of approval of the extension. If, upon expiration of the extended period, the potential investor fails to submit the requested information, the review procedure will be closed, and the foreign investor or the investor from the European Union may submit a new application for authorization if they intend to proceed with the investment.

Change in the Composition of the CEISD. According to the new regulations, the CEISD will consist of (1) the Head of the Prime Minister’s Office, who will serve as Chair of the CEISD, (2) a representative of the Ministry of Economy, Digitalization, Entrepreneurship, and Tourism, (3) a representative of the Ministry of Finance, (4) a representative of the Ministry of National Defense, (5) a representative of the Ministry of Internal Affairs, (6) a representative of the Ministry of Foreign Affairs, (7) a representative of the Ministry of Energy, (8) a representative of the Ministry of Transport and Infrastructure, (9) a representative of the Ministry of Health, (10) a representative of the General Secretariat of the Government. Therefore, under the new regulations, the president or other members of the Competition Council will no longer be part of the CEISD.

Furthermore, under the new regulations, among the permanent invitees to the CEISD, alongside  representatives of the Romanian Intelligence Service, the Foreign Intelligence Service, and the Romanian Agency for Investment and Foreign Trade, will also be representatives of the Special Telecommunications Service.

CEISD Opinion. After analyzing the investment, the CEISD shall either (1) authorize the investment if it does not affect Romania’s security or public order and is not likely to affect projects or programs of interest to the European Union, (2) conditionally authorize the investment, if it can be carried out following certain behavioral or structural measures/commitments by the investor, or (3) reject the application for investment authorization, if it affects Romania’s security or public order and is likely to affect projects or programs of interest to the European Union.

The CEISD issues its opinion within a maximum of 45 calendar days from the date on which the notification is deemed complete, unlike the previous regulation, which provided for a 60-day period.  

Furthermore, prior to the amendments made to Government Emergency Ordinance No. 46/2022 by Government Emergency Ordinance No. 17/2026, the authority to authorize the investment rested with the Competition Council, which was to issue the authorization decision within 30 calendar days from the date of receipt of the CEISD opinion; under the new regulations, the authority to authorize the investment lies with the Prime Minister’s Office, with the authorization order to be issued within 10 calendar days of the date of communication of the CEISD opinion; this change is intended to expedite the investment authorization procedure. In this case, the opinion issued by the CEISD is a favorable one.

The new regulation also establishes clear deadlines in cases where the CEISD, taking into account the specific nature and complexity of the authorization application under review or its impact on national security and public order, as well as on projects and programs of interest to the European Union, decides that consultation with the Supreme Council for National Defense is necessary. Thus, according to the legislative amendments, the detailed review at the CEISD level must be completed within 90 calendar days from the date it is initiated, with the possibility of a single extension, for well-founded reasons, by no more than 45 calendar days.

At the same time, the legislative amendments also stipulate that if the opinion issued by the CEISD proposes conditional authorization of the investment, it is forwarded to the Government for the issuance of a decision granting conditional authorization for the foreign direct investment, the new investment, or the investment from the European Union.  If the CEISD proposes rejecting the application for investment authorization, it is forwarded to the Government for the issuance of a decision rejecting the application for authorization; in both cases, the opinion issued by the CEISD is advisory. Thus, under the new regulations, the Prime Minister’s Office is responsible for issuing the order authorizing foreign investments, while the authority to issue a decision rejecting the investment or granting conditional authorization rests with the Government.

Investment review fee. A welcome measure adopted by Emergency Ordinance No. 17/2026 is the reduction of the foreign investment review fee from 10,000 euros to 5,000 euros, the equivalent in lei at the exchange rate communicated by the National Bank of Romania valid on the date of payment, The examination fee is to be refunded if the CEISD finds that the conditions for examining the authorization application have not been met, as well as if the CEISD’s opinion was issued in violation of the legal deadlines set forth in Government Emergency Ordinance No. 46/2022.

The IT application for investment authorization. Finally, another new feature is the establishment of an IT application managed by the Prime Minister’s Office, designed to process applications for foreign investment authorization in compliance with the rules governing the processing of personal data.

Conclusions. In conclusion, from certain perspectives, Emergency Ordinance No. 17/2026 represents an improvement over the previous regime and aims to remedy the shortcomings identified in the practical application of Emergency Ordinance No. 46/2022.

The new regulation will continue to raise issues and controversies in practice, including regarding the identification of investments falling within its scope. For example, given that Emergency Ordinance No. 46/2022 also regulates exceptional situations (namely cases in which, under certain circumstances, investments not exceeding the threshold of 5,000,000 euros may be subject to authorization), numerous interpretation issues may arise in practice; thus, given the high value of the fines that may be imposed on investors who do not follow the authorization procedure (up to 10% of global turnover), a prudent approach would be to continue submitting investments for review by the CEISD where there is uncertainty as to whether they fall under the scope of Emergency Ordinance No. 46/2022. 

An article by Daniel-Alexandru Aragea, Partner - daragea@stoica-asociatii.ro – and Andreea Gurică, Senior Associate – agurica@stoica-asociatii.ro – STOICA & ASOCIAȚII

Artificial intelligence is starting to have a visible impact on the real estate market, influencing not only how buildings are operated, but also the criteria by which they are valued, leased and transacted. From offices and retail spaces to logistics and urban development, AI is accelerating a structural transition in which flexibility, infrastructure and adaptability are becoming key drivers, according to ”The Impact of AI on the Built World” report released by the Cushman & Wakefield global real estate consultancy company.

The report analyses the AI impact on major commercial asset classes - office, industrial and retail - as well as on cities.

In the office sector, artificial intelligence is already driving structural changes in how companies create value, with direct implications for demand and the way office space is used.

Offices were predominantly designed for the ‘average tenant’ during the last few real estate cycles: a broadly similar set of needs around desks, meeting rooms, and amenities, delivered through familiar specifications.

Some firms will double-down on in-person collaboration and client experience. Others will redesign work to be more distributed, while some tenants will prioritize cost and flexibility. The result is not a single ‘new office’, but a wider range of requirements.

In the Romanian office market, this transition is reflected through a growing focus on quality and functionality rather than sheer volume. The best-performing buildings are increasingly assessed based on their ability to support high‑value interactions - through efficient collaboration spaces, robust digital infrastructure and environments that enable faster, better‑informed decision‑making.

At the same time, AI is amplifying the differentiation at both market and asset levels. Romanian assets and locations anchored in high value‑add activities, complex decision‑making and client‑facing functions tend to be more resilient over the medium and long term. By contrast, buildings designed primarily for standardized, repetitive activities may be more exposed to the structural risks generated by automation. This dynamic is shifting the focus for investors and occupiers from ”how much space is needed” to ”what type of space best supports the business model”.

Over the long term, the competitiveness of Romania’s office market will be increasingly tied to the assets’ ability to accommodate adaptive work models, credible digital infrastructure and a diversity of uses. As occupier requirements become more specialized and product differentiation deepens, buildings that can respond to a wide range of needs will have a clear advantage in attracting and retaining demand.

In the retail sector, AI is contributing to a redefinition of physical stores. These are no longer perceived solely as points of sale, but as part of a broader ecosystem that integrates brand experience, services, logistics and customer engagement.

Personalization, shorter waiting times and more efficient management of inventories and returns are enhancing the attractiveness of certain locations and formats. In this context, retail spaces capable of supporting multiple functions - experience, services, delivery or returns - are becoming more relevant, while rigid formats are losing appeal.

AI is also accelerating the transformation of logistics and industrial spaces into dynamic hubs capable of responding rapidly to shifts in demand. Warehouses no longer function only as storage facilities, but as intelligent nodes that redistribute goods in real time and support more efficient and resilient supply chains.

This evolution increases the importance of location, access to infrastructure and the technical specifications of buildings. Assets capable of supporting automation, higher energy loads and intensive operational flows are better positioned for the long term.

At an urban level, AI is accentuating differences between cities and zones. Access to energy, digital infrastructure, mobility and the speed of administrative processes are becoming genuine competitive advantages. Urban areas that can integrate these elements more effectively will be better placed to attract investment, including in real estate.

In this context, the real estate market can no longer be analysed in isolation from urban development strategies, and collaboration between the public and private sectors becomes essential.

Vlad Săftoiu, Head of Research, Cushman & Wakefield Echinox: “Artificial intelligence is not only changing how buildings are operated, but also the fundamental logic behind real estate demand. We are observing a growing polarization between assets which can adapt to new requirements - flexibility, infrastructure and connectivity - and those which remain anchored in outdated models. For owners, occupiers and investors alike, adaptability will be a decisive criterion in the years ahead. For Romania’s real estate market, AI is a catalyst for change rather than an isolated trend. Buildings and projects which successfully integrate these transformations will benefit from stronger long‑term positioning in an increasingly selective market.”

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

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for occupiers and investors with approximately 53,000 employees in over 350 offices and nearly 60 countries. In 2025, the firm reported revenue of $10.3 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and others. Built around the belief that Better never settles, the firm receives numerous industries and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.

Why AI system testing and certification can no longer be postponed

The paradox of the artificial intelligence era

We live in an era obsessed with artificial intelligence. We have built machines capable of processing volumes of information in seconds that entire generations could not process in a lifetime. From medical diagnosis to financial strategies, AI has become the new oracle—an omnipresent cognitive partner, whispering answers to us with dizzying speed and confidence.

And yet, a paradox is becoming increasingly apparent: despite this speed, which was inconceivable just a few years ago, the quality of judgment is subject to major risks. This fracture exposes a fundamental confusion that we have cultivated with the modernity’s characteristic arrogance: we have confused intelligence with discernment. We have mistakenly assumed that superior data processing capacity equates to superior reasoning capacity. Today, at the dawn of the new AI era, this confusion has become the greatest strategic risk.

Intelligence versus discernment

Intelligence, in its pure form, is the ability to process information: speed, pattern recognition, and the ability to build logical connections. A large language model (LLM) is the pinnacle of this form of intelligence: it can summarize, translate, encode, and generate text that, on the surface, appears coherent and informed.

Discernment, on the other hand, is the ability to judge the meaning, relevance, and consequences of information. It is not about what you know, but how you apply what you know in a real, complex, and often ambiguous context. Discernment is the art of consciously deciding what to ignore, when to stop, when to question even the most elegant conclusions. It is a faculty that does not come from data, but from experience, from understanding human nature, from awareness of the stakes and responsibility. Aristotle called this faculty phronesis, practical wisdom. Kant spoke of practical reasons, which requires the engagement of the will in the world. Discernment unites cognition with experience - a faculty that machines, by their very nature, cannot genuinely possess.

When AI gets it wrong - costly lessons

The cases below offer important lessons about the dangers of uncontrolled delegation of tasks to systems lacking consciousness.

In 2024, a Canadian court (the Civil Resolution Tribunal in British Columbia) ruled that Air Canada was responsible for the information provided by its own chatbot, which gave a customer incorrect details about an incorrect information about a bereavement refund policy. The company argued that chatbot was a separate entity. However, the tribunal rejected this argument and set a legal precedent: companies are responsible for the information provided by their AI systems, regardless of its accuracy. Delegating communication authority to AI systems that hallucinate (a term used in AI literature to describe the generation of false information or conclusions) is a sure recipe for operational and reputational disaster.

Numerous studies have shown significant rates of factual errors in legal responses. For example, a 2024 Stanford University study showed that AI models specializing in law produce serious factual errors. Lawyers in the US have been caught citing fictional legal cases (e.g., Mata v. Avianca, 2023) generated by AI in real cases. This case demonstrates the fundamental failure of using an unverified and uncertified system that cannot distinguish between reality and plausible fiction.

Porcha Woodruff, a pregnant woman from Detroit, was arrested for armed robbery based on a misidentification made by an AI facial recognition system. The police treated the algorithm's output as evidence, not as a suggestion requiring human verification. The case was documented in the press and sparked heated debates about the use of AI in law enforcement, highlighting the traumatic consequences for innocent people.

Such failures reveal a fundamental problem: solutions without conscience, without responsibility, and without clear risk management systems, which have been delegated the power to act. It is precisely in this space between the impressive computing power of AI and corporate responsibility that the need for rigorous international standards arises. Not to slow down innovation, but to limit risks and errors.

ISO/IEC 42119 - the future of AI system testing

The latest response from the international standardization community to the challenges described above takes the form of the ISO/IEC 42119 series, an innovative set of international standards dedicated to testing artificial intelligence systems. The series is designed to become a cornerstone for organizations seeking to develop and use AI systems that are safe, robust, transparent, and trustworthy.

The initiative begins with the publication of ISO/IEC TS 42119-2:2025 — Overview of AI system testing. It provides a comprehensive introduction to the concepts, processes, and testing approaches applicable to AI, demonstrating how the established ISO/IEC/IEEE 29119 software testing standards can be leveraged in the context of artificial intelligence.

The document covers the life cycle of AI systems and risk-based testing, testing processes and documentation tailored to the specifics of AI, testing levels and types, including data and model quality, guidance on identifying and addressing risks specific to AI systems, test design techniques, and coverage metrics in the field of AI. The ISO/IEC 42119 series is under active development, with new specialized components in the works:

The ISO/IEC 42119 series is designed to work in conjunction with ISO/IEC 42001. While 42001 sets out the requirements for responsible AI governance, 42119 provides the technical foundation for testing and validating systems, helping to ensure their reliability, safety, and trustworthiness.

ISO/IEC 42001 — The reference standard for AI governance

Artificial intelligence has long since moved beyond the experimental phase, becoming critical infrastructure for companies, public administrations, and essential service operators. The need for an internationally recognized framework for AI governance is evident. The answer came in the form of ISO/IEC 42001, the first international standard dedicated to Artificial Intelligence Management Systems.

Why is ISO/IEC 42001 necessary?

The accelerated adoption of AI in business brings significant operational benefits, but also concrete risks: algorithm errors, lack of transparency, hallucinations, security issues, or legal non-compliance. At the same time, international regulations—including the EU AI Act—are increasing pressure on organizations to demonstrate control, accountability, and traceability.

ISO/IEC 42001 provides a structured model for identifying and assessing risks associated with AI systems, establishing clear governance policies and controls, monitoring performance and ethical impact, ensuring compliance with legal and regulatory requirements, and integrating with other existing management systems (ISO 9001, ISO 27001, etc.). The standard follows the logic of established management systems, facilitating their integration into the organization's existing integrated management framework, making it not just an exercise in compliance, but a tool for organizational maturity.

New legislation on artificial intelligence emphasizes responsibility, risk assessment, and user protection. ISO/IEC 42001 certification thus becomes a strategic tool for organizations that develop, implement, or use AI solutions. Through certification, companies demonstrate that they:

·         manage AI in a controlled and documented manner

·         reduce reputational and legal risks

·         offer partners and customers a prominent level of trust and transparency

·         are prepared for compliance requirements under the EU AI Act and other emerging regulations

In sectors such as aviation, critical infrastructure, healthcare, legal services, or financial services, this framework can mean the difference between formal compliance and real leadership in the governance of recent technologies.

Global benchmarks: organizations that have already chosen the path of certification with SGS

The global adoption of ISO/IEC 42001 confirms that this is not a theoretical tool but a practical framework applicable across various sectors. The SGS Group has played a leading role in certifying pioneering organizations worldwide.

A defining moment was the certification of Changi Airport Group, the operator of Singapore Changi Airport—the first ISO/IEC 42001 accredited certification globally. In an airport ecosystem where AI supports critical processes, from security to passenger flow management, the implementation of a formal AI management system sends a powerful message about control, accountability, and operational safety.

In Europe, AI Clearing and Xayn were among the pioneers of certification, demonstrating the applicability of the standard both around AI-assisted infrastructure and construction and in the development of software solutions. In the United Kingdom, Brookcourt Solutions consolidated the standard's position in the cybersecurity sector.

In Asia, the adoption process has been equally dynamic: OrionStar Robotics obtained the first ISO/IEC 42001 certification in China; Godot Inc. in Japan marked a similar milestone for the local market; DYXnet demonstrated the integration of AI governance in the telecommunications sector; KPMG India validated the standard's applicability in the field of professional services.

These certifications, across sectors such as aviation, robotics, cybersecurity, and consulting confirm that ISO/IEC 42001 is a practical governance tool, applicable to any organization that uses AI responsibly. These milestones give rise to a new paradigm: in the AI era, leadership is no longer defined solely by the ability to innovate, but also by the ability to manage the impact of technology and the risks generated by its use in a responsible and transparent manner.

How SGS supports its partners on this journey

SGS, the world leader in testing, inspection, and certification, offers an integrated portfolio of services to support organizations in navigating the dynamic landscape of standards, regulations, and best practices in the field of artificial intelligence.

The company offers ISO/IEC 42001 accredited certification for AI management systems, as well as other internationally recognized certification schemes. The goal is not superficial compliance, but to build a real and sustainable governance system that is auditable and credible to all stakeholders. AI system testing covers data quality assessment, fairness, clarity, and adversarial testing. SGS also performs technical product testing for LLMs, chatbots, and GenAI systems, including red teaming activities and security assessments—precisely the categories of risk illustrated in the real-world cases presented above.

SGS expertise covers AI risk management and preparation for compliance with international standards and regulations. SGS Academy offers courses dedicated to AI standards, the EU AI Act, risk management, and relevant technical topics – so that organizations are not only compliant, but also competent. For organizations that want to quickly assess their AI governance maturity, the SGS AI Trust Check offers a quick self-assessment tool that helps identify gaps and prioritize actions needed for compliance and trust building. Choosing a partner for AI assurance should not be a spur-of-the-moment decision. It is a strategic decision with long-term implications. SGS brings to the table:

·         over five hundred digital trust experts, ten accredited cyber laboratories, and a presence in over one hundred countries

·         the first provider of accredited certification for AI management systems and comprehensive compliance services with the EU AI Act

·         integrated certification, testing, training, consulting, and digital trust solutions for every stage of the AI journey

·         Relevant experience in financial services, healthcare, mobility, manufacturing, aviation, and more

·         Operational excellence and Swiss precision, serving the credibility of your organization

The difference between an organization that merely uses AI and one where the AI system works safely, responsibly, and reliably is measurable, auditable and certifiable. Contact the SGS team to find out how we can support you in capitalizing on the future ISO/IEC 42119 series and implementing ISO/IEC 42001 immediately.

About SGS

SGS is the world leader in Testing, Inspection, and Certification. We operate an extensive network of over 2,500 laboratories and operational facilities in 115 countries, supported by a team of over 100,000 resolute professionals. With over 145 years of experience in operational excellence, we combine Swiss rigor and precision to support organizations in achieving the highest levels of quality, compliance, and sustainability.

Our brand promise – when you need to be sure – reflects our strong commitment to credibility, integrity, and reliability, giving companies the assurance they need to perform and grow with confidence. We provide specialized services under the SGS brand, as well as through a portfolio of trusted brands such as Applied Technical Services, Brightsight, Bluesign, and Nutrasource.

SGS is listed on the SIX Swiss Exchange under the symbol SGSN (ISIN CH1256740924, Reuters SGSN.S, Bloomberg SGSN SW).

The team of lawyers from STOICA & ASOCIAȚII, composed of Valeriu Stoica – Founding Partner –, Dan-Rareș Răducanu – Senior Partner – and Oana Zamă – Partner –, obtained an important victory for a client in a dispute concerning the annulment of administrative -fiscal decisions establishing additional payment obligations in the amount of 21,771,123 lei, representing income tax, and 17,053,335 lei, representing VAT, to which surcharges and late payment penalties were to be added.

By civil decision handed down on March 11, 2026, the High Court of Cassation and Justice fully confirmed the decision handed down by the Bucharest Court of Appeal on June 10, 2025, in a dispute in which complex evidence was administered, including an expert report prepared by a commission of three judicial experts who were also tax consultants.

"Additional tax liabilities were imposed on the client, as the control authorities and, subsequently, the appeal resolution body, disallowed a series of intra-group expenses from deductibility, considering them to be fictitious. The dispute involved the administration of extensive evidence, including an expert opinion prepared from the outset by a commission of three judicial experts who also acted as tax consultants, which is less common. Importantly, working in an interdisciplinary team alongside our client, we were able to demonstrate that the supporting documents already analyzed by the tax authorities attest to the reality of the services, and that any formal defects in those documents, from the perspective of legislation other than tax legislation, are irrelevant from this perspective. At the same time, the courts have once again rightly ruled that the appropriateness of providing services, even within a group, cannot be subject to analysis by the tax authorities. The judicial settlement of these issues will set a precedent for similar tax disputes," said Dan-Rareș Răducanu, Senior Partner.

With a history of over 30 years in the business law market, STOICA & ASOCIAȚII has gained national and international recognition in the world of law and business through its legal assistance and representation of a vast portfolio of clients. Since its establishment in 1995, the lawyers at STOICA & ASOCIAȚII have proven themselves to be a strong team, based on respect for its principles: Fidelitas, Integritas, Fortitudo. STOICA & ASOCIAȚII has earned an excellent national and international reputation. Its professional achievements are recognized in the most important legal guides: Chambers Europe, Legal 500, WTR 1000, IAM Patent 1000.

Rediscover the beauty of Easter in a setting dedicated to balance and wellbeing at Alma Health & Spa Retreat, Lacu Sărat – Brăila, a premium wellness and balneo resort in Romania.

This Easter, we invite you to enjoy a complete getaway including accommodation, festive dining, wellness access and authentic traditional moments, all in a peaceful atmosphere close to nature.

EASTER PACKAGE starting from €130 / person / night

• 2 or 3 nights accommodation with breakfast included
• Buffet dinners with open bar on April 10 and 11
• Traditional Easter welcome with red eggs, traditional sweets and red wine
• Easter Brunch with open bar and DJ on April 12
• Children’s access to the playground, with a special program on April 12: egg decorating workshop, Easter egg hunt and a visit from the Easter Bunny
• Daily access to the wellness area: indoor freshwater pool, jacuzzi, dry sauna and salt room
• Early check-in (12:00) and late check-out (15:00)
• Complimentary parking
• Access to the outdoor multi-sport court

Children up to 5 years old stay free of charge when sharing the room with two adults (without extra bed).

Find out more here: https://almaretreat.ro/oferte/paste-2026-lacu-sarat-spa/

Reservations: reservations@almaretreat.ro | 0339 733 309 | almaretreat.ro

1. Implementation norms for recent legal amendments concerning medical leaves

On 27 February 2026, Order no. 521/500/2026 for the amendment and completion of the Implementation Norms of the provisions of Government Emergency Ordinance no. 158/2005 on medical leaves and social health insurance indemnities entered into force. Among others, this normative deed regulates the implementation manner of the specific provisions for medical leave certificates issued between 1 February 2026 and 31 December 2027 and corresponding social health insurance indemnities, introduced by means of Government Emergency Ordinance no. 91/2025 on the establishment of certain measures within the healthcare system.

Key amendments:
▸ Calculation manner of the daily average of the calculation basis for social health insurance indemnities
▸ Calculation manner of the amount of social health insurance indemnities

2. Calculation manner of the statute of limitations for the monetary claims arising from unused rest leave days

In the meeting dated 9 March 2026, the High Court of Cassation and Justice, through the Panel for the Resolution of Civil Law Matters, ruled that:

▸ The 3-year statute of limitations provided by law, in case of monetary claims arising from unused leave days until the termination of the employment/service relationships, deriving from a current right, shall commence on the termination date of the employment relationship.
▸ For the period exceeding the 18-months carry-over legal term, the right to obtain monetary compensation for the rest leave days subsists where the employer has not effectively granted the employee the possibility to exercise this right and, respectively, does not exist where the employee refrained from taking the paid annual leave despite having been granted such possibility.

Read the article on the website 

Bucharest, March 11, 2026 – Deloitte was ranked the strongest and most valuable professional services brand in the world, according to the 2026 edition of Brand Finance Global 500 report and is also in the global top ten strongest brands regardless of their fields (8^th place). The report calculates brands’ value based on indicators such as market performance, marketing strategy and investment, as well as perception and reputation among clients, employees and other stakeholders.

Deloitte's brand is now valued at US$43.5 billion, a 5.8% increase compared to 2025, retaining the maximum AAA+ brand strength rating and achieving a Brand Strength Index score of 93.3/100, a one-point increase from last year.

“The recognition granted by Brand Finance, which once again ranked Deloitte as the strongest and most valuable professional services brand globally, reaffirms the strength and resilience of the world’s oldest and largest professional services firm. This achievement reflects the trust that clients, colleagues, and communities place in our multidisciplinary expertise and in our ability to deliver relevant solutions in an increasingly complex and rapidly evolving economic environment. This acknowledgment inspires us to continue to innovate and to contribute to the positive transformation of the business ecosystem both globally and in Romania,” stated Alexandru Reff, Country Managing Partner, Deloitte Romania and Moldova.

The latest financial results reported by Deloitte indicate aggregate global revenue of USD 70.5 billion for the financial year ending May 31, 2025, marking an increase of 4.9% compared to the previous year. All the firm’s business areas - Audit & Assurance, Consulting, Advisory, and Tax & Legal – reported growth for the mentioned period.

The Brand Finance 500 ranking is announced annually by the independent agency Brand Finance, the world’s leading brand valuation and strategy consultancy, following a methodology certified by international auditors from several continents. The latest edition of the ranking evaluated more than 6,000 brands, from 41 countries and 31 industries.

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.

Grupul german IREKS, producător internațional de ingrediente pentru industria de panificație și cofetărie, a achiziționat un teren cu o suprafață de aproximativ 13.000 metri pătrați în Chitila, în imediata apropiere a Bucureștiului. Pe acest teren, compania plănuiește construirea unui sediu administrativ cu centru destinat clienților, precum și a unui depozit. Tranzacția a fost intermediată de compania de consultanță imobiliară Cushman & Wakefield Echinox.

Grupul IREKS este o afacere de familie cu acoperire internațională, având sediul central în Kulmbach, Germania, și clienți în peste 90 de țări din întreaga lume. În România, IREKS este prezentă din 2007 prin filiala IREKS PAN ROMANIA SRL.

Grupul produce ingrediente pentru brutării și cofetării – de la amelioratori și mixuri până la produse pe bază de malț și maiele. Alte linii de produse includ malțuri de bază și speciale pentru berării și producătorii de bere artizanală, precum și arome și produse pentru înghețată.

Cushman & Wakefield Echinox a fost reprezentată în această tranzacție de Ștefan Surcel, Head of Industrial Agency, și Ștefan Oprea, Consultant Land Agency.

Totodată, echipa de Project & Development Services a Cushman & Wakefield Echinox a oferit și servicii de Technical Due Diligence în vederea achiziției terenului. Acest serviciu, care protejează investitorii de riscuri ascunse, a constat în analiza urbanistică, infrastructura existență și capacități de racordare, studii geotehnice și topografice, accesibilitate și impact asupra mobilității și compatibilități cu dezvoltarea dorită de client.

Proprietatea este situată într-o zonă care, în ultimii ani, a devenit un punct de referință pentru industrie și logistică. Proximitatea față de actori importanți din sectorul panificației, segmentul principal al IREKS, reprezintă un avantaj competitiv suplimentar. De asemenea, accesul facil la transportul public, esențial pentru mobilitatea angajaților, precum și existența unei infrastructuri complete de utilități, au fost factori decisivi în luarea deciziei de achiziție.

Ștefan Oprea, Consultant Land & Industrial Agency Cushman & Wakefield Echinox: „Grupul IREKS, cu o tradiție îndelungată și solidă în domeniul ingredientelor pentru panificație și cofetărie, a decis să își consolideze și să își extindă prezența pe piața din România prin achiziția acestui teren. Investiția vizează construcția unui sediu administrativ modern, cu un centru destinat clienților și un depozit logistic, a cărui capacitate este adaptată special traiectoriei de creștere a IREKS PAN ROMANIA. Terenul identificat, în urma unei analize amănunțite a ofertelor disponibile din zona Bucureștiului, răspunde pe deplin cerințelor strategice ale companiei.”

Cushman & Wakefield Echinox este o companie de consultanţă imobiliară de top pe piaţa locală şi afiliatul exclusiv al Cushman & Wakefield în România, deținut și operat independent. Echipa de peste 60 de profesioniști și colaboratori oferă o gamă completă de servicii investitorilor, dezvoltatorilor, proprietarilor și chiriașilor. Pentru mai multe informații, vizitați site-ul companiei www.cwechinox.com

Cushman & Wakefield (NYSE: CWK) este unul dintre liderii globali în domeniul serviciilor imobiliare comerciale, cu 52.000 de angajați în 400 de birouri din 60 de țări. Cu venituri de 9,4 miliarde de dolari, serviciile principale ale companiei sunt: consultanță în gestionarea activelor şi investițiilor, piețe de capital, închirieri, administrarea proprietăților, reprezentarea chiriașilor, servicii de proiect și evaluare. Pentru mai multe informații, vizitați site-ul companiei www.cushmanwakefield.com

Deloitte and conversational AI agent platform developer ElevenLabs partner in order to support enterprises in their transformation of customer experience using agentic AI. The co-operation, making ElevenLabs’ first partnership with a Big Four firm, is designed to deliver more natural, reliable, multichannel interactions between organizations across Central Europe and their customers.

Bringing together ElevenLabs' conversational AI agent platform with Deloitte's deep consulting expertise and industry knowledge, both firms will help enterprises to transform customer experience, sales, and internal operations through intelligent omnichannel agents that integrate with existing enterprise systems. The objective is to help clients to design, deploy, and operate production-ready conversational agents - integrated into business systems and optimized for performance, quality, and governance.

The partnership will see Deloitte and ElevenLabs collaborate on a portfolio of industry-focused propositions that address the highest-value customer journeys, such as customer service and collections. These industry propositions will be delivered using ElevenAgents for reliable omnichannel agents at scale - accelerated by Deloitte’s deep capabilities in customer experience strategy, experience design, implementation, and operating model transformation.

As part of the partnership, Deloitte and ElevenLabs will build a set of customer experience accelerators to help enterprises deploy faster with confidence, including but not limited to leveraging voice as an additional channel in enterprise business transformation; industry agent blueprints for top customer journeys (such as service, support, and sales enablement); and integration patterns for enterprise systems.

“As local businesses continue to accelerate their digital journeys, leaders are looking for solutions, including AI-driven ones, that can deliver impact at scale and reshape how their organizations operate. Through our partnership with ElevenLabs, we will support companies in embedding agentic capabilities across critical customer and operational processes, guided by a strategic adoption framework that brings together technology, governance and organizational readiness. This approach enables long-term growth and operational resilience,” said Andrei Ionescu, Consulting Market Leader, Deloitte Romania.

“The next phase of customer experience will be defined by agents that can reason and act - safely, reliably, and at enterprise scale. This partnership with Deloitte will allow us to combine our industry leading AI models and agents platform, with their expertise in strategy, delivery, and transformation. Together, we’ll help enterprises deploy industry-specific conversational agents that meet the standards they expect for performance, control, and compliance”, said Mati Staniszewski, Co-founder, ElevenLabs.

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.

UNICEF Romania is inviting the private sector to make a positive impact on children’s lives. We are currently mapping how businesses in Romania engage with children’s rights and exploring new ways to collaborate for improved outcomes. Your participation will help strengthen the child rights framework across the country.

We encourage all members of AHK to take part by completing our survey. Your insights are vital for building a better future for Romanian children.

The survey may be found at the following link: https://forms.gle/Q7oCER1MTwcHvKc36

Wolf Theiss provided full-scope buy-side legal assistance, including legal due diligence on three Romanian companies of MaxBet Group and the negotiation of the share purchase agreement and related transactional documentation. The acquisition covers operations across large and small gaming and leisure halls as well as related eco-systems.

Super Technologies was established in 2008 in Romania and operates in more than 12 countries, including having commercial markets in Romania, Belgium, Poland, Serbia and Brazil. Founded in 2015, MaxBet is an entertainment company active in Romania with online and retail offerings.

“The acquisition of Maxbet is seamlessly aligned with our goal of building a strong multi-brand and multi-channel entertainment ecosystem by adding a widely appreciated consumer brand to our Romanian portfolio. Furthermore, it reflects an ambitious growth strategy, focused on consolidating our presence across the CEE region, while delivering immersive entertainment experiences and redefining how we engage with our customer communities. We would like to thank Ileana and the entire Wolf Theiss team for their outstanding professionalism and expertise and for their support throughout this process.” – Adam Lamentowicz, Chief Commercial Officer CEE, Super Technologies.

“It was a privilege to support Super Technologies in this transaction. We have a long-standing track record in the entertainment and gaming sector, including Blackstone's first investment in Romania in May 2019 involving a minority participation in Super Technologies and Novalpina Capital's acquisition of MaxBet in July 2021.” – Ileana Glodeanu, Partner, Wolf Theiss.

The transactional team was coordinated by Ileana Glodeanu (Partner) and included Richard Clegg (Partner), Andreea Cărare (Senior Associate), Delia Dumitrescu (Senior Associate), Marius Moldoveanu (Associate), Andrei Costea (Associate) and Laurenţiu Bolborici (Associate) from the Corporate/M&A team, with further support from Anca Jurcovan (Partner) and Maria Popescu (Senior Associate, both Competition & Antitrust) on merger clearance and foreign direct investment approval, as well as from Flavius Florea (Counsel, Data Protection, IP & TMT), Dana Toma (Counsel) and Antonia Nica (Senior Associate, both Real Estate), Cezara Constantinescu (Senior Associate, Disputes) and Smaranda Văcaru (Senior Associate, Banking & Finance).

About Wolf Theiss

Founded in 1957, Wolf Theiss is one of the leading law firms in Central, Eastern and South-Eastern Europe (CEE/SEE). We have built our reputation on unrivalled local knowledge which is supported by strong international capabilities. With 400+ lawyers in 13 countries and a central European hub in Brussels, over 80% of the firm's work involves cross-border representation of international clients.

Austria, Albania, Bosnia and Herzegovina, Brussels, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine, Wolf Theiss represents local and international industrial, trade and service companies, as well as banks and insurance companies. Combining law and business, Wolf Theiss develops comprehensive and constructive solutions on the basis of legal, fiscal and business know-how.