arrHitInfo=new Array("0040,72,2,74,2","1024x768,1,1,10,1","1033,59,1","1050,62,1","1135,53,1","1145,59,1","1153,53,1","1154,53,2","1227,53,1","1247,53,1","1281,53,1","1454,60,2","1574,50,1","1601,50,1","1840,53,1","1961,51,1,66,1","1972,63,1","1973,64,1","1990,54,1,52,1,53,1,57,1,63,1,58,2,60,1,61,1,65,1,66,1","1991,51,1,52,2,58,1","1992,62,1,66,1","1993,14,1,100,1","1995,52,1,63,2,61,3,65,3","1996,56,1,49,4,54,1,63,4,58,1","1997,53,1,64,1","1998,56,4,17,1,18,1,19,2,53,1,61,2,64,3,65,2,104,2,102,1","1999,56,1,27,1,51,1,52,2,59,2,63,1,58,3,62,1,111,1","2000,17,1,53,1,57,3,59,1,61,3,65,3,103,2","20004,56,1","2001,56,1,22,1,50,1,51,1,53,1,54,1,55,1,59,2,58,1,61,2,62,3,65,1,105,1","2002,2,1,56,2,20,1,25,1,50,1,53,2,59,4,63,4,58,2,61,5,65,4,67,1,105,1,107,1,110,1","20022005,57,1","2003,56,4,29,1,49,1,50,2,52,1,53,2,54,1,59,4,63,2,58,6,61,3,62,1,64,2,65,1,66,1,76,1,83,1,112,1","2004,1,1,2,1,3,1,4,1,5,1,6,1,7,4,8,1,9,2,10,1,11,1,12,1,13,1,14,1,56,42,32,1,33,1,34,1,15,1,16,1,17,1,18,1,19,1,20,1,21,1,22,1,23,2,24,2,25,1,26,1,27,1,28,1,29,1,30,1,31,1,35,1,36,1,37,1,38,1,39,1,40,1,41,1,42,1,43,1,44,1,45,1,46,1,47,1,48,1,49,1,50,7,51,5,52,10,53,28,54,8,55,18,57,18,59,33,63,46,58,31,60,22,61,5,62,34,64,1,65,6,67,1,68,1,69,1,70,4,71,1,72,1,73,1,74,1,75,2,79,1,76,1,77,1,78,1,95,1,104,1,93,1,94,1,80,1,81,1,82,1,83,1,84,1,85,1,86,1,87,1,88,1,89,1,90,1,91,1,92,1,96,1,97,1,105,1,106,1,107,1,108,2,109,2,98,1,99,1,100,1,101,1,102,1,103,1,110,1,111,1,112,1,113,1,114,1","2005,1,1,4,1,6,1,7,8,8,1,10,1,11,1,14,1,15,1,17,1,18,1,19,1,20,1,21,1,22,1,23,1,24,1,25,1,27,1,28,2,49,35,50,30,51,63,52,17,53,9,54,32,59,6,63,2,61,11,62,2,64,7,67,1,66,10,69,1,70,8,72,1,74,1,75,1,76,1,104,1,80,1,105,1,106,1,107,1,108,1,109,1,100,1,102,1,103,1,110,1,111,1,112,1,113,1","2006,56,2,50,2,51,1,53,1,54,5,59,2,58,1,64,3","2007,56,1,50,1,63,1,61,2,64,2,65,2","2008,63,2","2009,50,1","2015,61,1,65,1","2346,52,1","24th,49,1","25th,58,1,64,1","3021,49,2","3105,51,2","3109,51,1","4021,6,2,9,2,66,4,75,2","410bis,51,1","4543,55,1","4543468,55,1","8211,24,2,43,1,47,1,76,1,95,1,94,1,86,1,109,2,110,1,112,2","8217,1,1,2,1,5,1,9,1,12,2,32,1,34,2,19,1,20,1,29,1,38,1,43,1,47,1","8220,15,1,19,1,22,1,25,1,104,1,99,2,110,1","8221,15,1,19,1,22,1,25,1,110,1","8222,104,1,99,2","aarhus,61,1,65,1","abandoned,53,1","abela,16,1,79,1","aber,67,1,72,2,75,1","abfassung,112,1","abgeschlossen,67,1,69,1,75,1,79,1,104,1,105,1,106,1,107,1,108,1,109,1,100,1,102,1,103,1,110,1,112,1","abgesicherte,68,1","abh,78,1,86,1","ability,2,1,57,1","abkommen,75,1,85,1","ablauf,10,1","able,15,1,53,1,61,1,64,1,65,1,66,3","ablehnung,89,1","abogados,66,2","abolishing,51,1","abovementioned,56,1,60,1","abroad,2,1,4,1,18,1,49,6,53,1,54,2,55,1,64,2,66,2","abrogated,56,2,49,1,50,2,52,1,53,1,54,1,55,1,59,4,63,2,58,3","abrogates,53,2,63,2,62,2","abrogating,53,1","abrogation,63,1","abschluss,86,1,89,1,112,1","absence,66,6","absent,66,1","absicherung,82,1","absicht,75,1,85,1","absolut,96,1","absolvent,100,1","absolventin,111,1","absolviert,104,1,100,1","abteilung,103,1","abuses,59,1","abusive,41,1,61,2,65,2","abwicklung,67,1,68,1,84,1","abwicklungen,85,1","abzu,75,1","academic,21,1,58,2","academy,14,1,18,1,21,2,25,1,58,2","accept,9,3,56,1,66,1","acceptance,9,1,64,1","accepted,52,1,66,2","accepting,60,1","access,9,7,56,3,50,1,59,2,61,3,65,2,66,3","accessed,51,1","accessible,12,1","accessing,9,3","accession,64,1","accessories,56,1,53,2","accident,57,1","accommodation,60,2,64,8","accompanied,56,1,55,1,58,1,60,1","accompany,55,1","accomplishment,50,1,53,1,61,1,65,1","accordance,56,1,49,1,50,1,51,3,52,2,53,2,54,3,55,2,59,2,63,2,60,1,61,1,62,1,65,1","according,56,8,49,3,50,7,51,2,52,1,53,4,54,4,55,1,57,1,59,6,63,3,58,4,60,1,61,1,62,1,65,1,66,3","accordingly,60,1,66,1","account,56,1,49,6,50,1,53,1,54,1,59,2,62,2,64,1","accountancy,58,1","accountant,52,1","accountants,12,1,57,1","accounting,50,3,52,16,53,1,59,2,58,8,62,12,64,3","accounts,49,8,52,1,59,2,61,2,64,4,65,2","accredited,56,1,55,1","accruals,54,1,64,1","accrue,66,2","accumulated,17,1","accuracy,9,1,50,1,53,1","accurate,9,1,58,1,61,2,65,2","accusations,59,1","achieve,46,1,48,1","achieved,37,1","acknowledge,9,3,56,1","acknowledgement,55,1,61,2,65,2","acknowledges,66,2","acquainted,1,1,61,1,64,1,65,1","acquiescence,66,1","acquire,9,1,56,2,49,1,53,1","acquired,56,1,55,5,59,1,60,4","acquirement,54,1","acquirers,63,2","acquires,63,1,58,1","acquiring,50,1,57,1,59,1,63,2","acquisition,26,1,29,1,30,1,41,1,51,5,54,1,57,1,63,1,62,1","acquisitions,5,3,11,1,14,1,32,1,33,2,34,1,15,1,17,1,19,1,24,1,26,1,29,1,30,4,31,1,35,1,36,1,37,1,38,1,39,1,40,1,41,1,42,1,43,1,44,1,45,1,46,1,47,1,48,1,51,1,53,1,59,1,58,4,61,1,64,3,65,1,66,3","acrobat,7,1","act,8,1,9,1,63,1,60,1,61,1,65,1","acting,9,1,20,1,21,1,31,1,59,1,61,1,65,1","action,52,1,53,4,61,4,65,4,66,2","actions,53,1,61,2,62,1,65,1","activated,9,1","active,18,1,61,1","actively,37,2","activit,55,1","activities,56,4,31,1,37,1,39,1,49,3,50,3,51,1,52,11,53,4,54,1,55,1,57,6,59,1,63,10,58,3,60,2,61,12,64,4,65,10","activity,56,5,51,7,52,4,53,15,54,3,57,5,59,3,63,3,58,3,60,2,61,20,62,4,64,1,65,17","actori,66,1","acts,51,1,57,1,60,1,62,1,66,1","actual,54,1,61,5,65,5,66,3","actually,61,1,65,1,66,1","adand,59,1","add,2,1","added,56,1,49,1,50,2,54,2,57,2,58,1,64,3","adding,54,1,64,1","addition,53,1,61,1,62,1,66,4","additional,4,1,9,1,56,1,57,1,61,2,62,1,65,2,66,1","address,56,1,66,2","addressed,51,1,53,1,62,1,66,2","addresses,9,1","adequate,66,1","adhered,66,1","adherence,51,1,57,1","adhesion,64,1","adjournment,66,3","adjust,63,1","adjusted,56,1,61,1,64,2","adjusting,64,1","adjustment,5,1,12,1,61,1,65,1","adjustments,64,1","administrate,57,1,66,1","administrated,59,1,60,1","administrating,63,1","administration,56,14,19,1,49,1,50,13,52,6,53,2,54,3,55,2,57,1,59,6,60,1,61,3,62,2,64,1,66,7","administrations,61,1","administrative,8,1,56,3,38,1,49,1,50,3,51,2,52,1,53,25,54,2,55,1,57,1,59,4,63,2,58,1,60,1,61,12,62,1,64,1,65,10","administrator,50,1,52,2,53,1,54,1,57,3,63,2,62,3","administrators,56,1,51,1,54,5,57,1,62,3","admit,66,1","admitted,49,1,55,1","adobe,7,1","adopt,66,1","adopted,51,1,59,1,60,2,61,1","adopting,66,1","adopts,61,1","adresse,72,1","adults,55,1","advance,54,1,62,1,66,1","advanced,64,1","advantage,66,1","advantageous,58,4","advantages,34,1","adverse,64,1,65,1","adverti,56,1","advertised,9,1","advertisements,50,2,64,2","advertising,9,1,56,6,51,5,53,1,59,3,64,1","advice,5,1,9,2,32,1,33,2,34,2,15,2,16,1,29,1,36,1,39,2,40,1,43,1,44,1,45,1,61,3,64,1,65,3,66,1","advise,56,1,49,1,50,1,51,1,52,1,53,1,54,1,55,1,57,1,59,1,63,1,58,1,60,1,62,1","advised,56,1,49,1,50,1,51,1,52,1,53,1,54,1,55,1,57,1,59,1,63,1,58,1,60,1,62,1","adviser,52,1","advisers,66,1","advising,37,1,44,1","advisor,52,1,59,4","advisors,48,1,59,5","advisory,52,1","advogados,61,1,64,1","advokatenkammer,69,1,104,1,106,1,100,1,102,1","advokatfirmaet,61,1","advokaturbüro,66,1","aesthetic,61,2,65,2","affairs,14,2,34,1,55,1","affect,66,2","affected,61,5,65,5","affecting,61,1,66,1","affidavit,51,1,55,1,57,3","affidavits,54,1","affiliate,56,5,58,1,61,5,64,1,65,5","affiliated,15,1,55,1,58,2,64,5","affiliates,56,1,61,1,65,1","affiliation,56,1,58,1","affirmative,61,1,65,1","affixed,56,1","afford,12,1","afore,49,1","aforementioned,59,1,58,1","africa,15,1,80,1","afterwards,66,1","against,49,1,50,1,53,2,59,1,63,2,60,2,61,7,65,4,66,11","age,56,3,59,2,58,1,62,1","agencies,57,1,61,6","agency,56,4,32,1,50,3,52,2,53,2,54,2,57,3,59,1,58,1,60,2,61,1","agenda,59,1","agent,57,2,63,1,61,1,62,2,65,1","agenten,82,1","agents,31,2,49,1,50,2,52,1,57,4,63,10,60,3,62,2","aggregate,2,1,53,1,58,2","agree,9,1,54,1,66,10","agreed,9,1,56,2,61,1,65,1,66,4","agreement,9,2,32,3,50,2,51,5,52,2,53,4,54,7,55,3,59,2,63,2,61,6,65,6,66,33","agreements,56,1,32,1,26,1,31,2,39,2,40,1,42,1,45,3,50,1,51,1,53,5,54,2,61,2,62,2,66,6,76,1,101,1","agricultural,50,3,53,1","agriculture,52,1,57,2,61,1","ah,76,4,112,4","aid,35,1,53,9,58,6,60,2","aim,61,2,62,1,65,1","aimed,61,1,65,1","aiming,61,1","aims,51,1","air,50,1","airfare,56,1","akademie,100,1,102,1,110,1","akademischen,106,1","akquisitionen,104,1,100,1,103,1","akten,92,1","aktenverwaltung,78,1","aktiv,88,1","aktiva,114,1","aktiver,102,1","aktiviert,75,1","aktivit,95,1,82,1,91,1","aktualisierte,75,1","aktuelle,85,1","aktuellen,80,1","akzeptieren,75,2","alba,57,1","alcoa,16,1,79,1","alcohol,50,1,64,1","alcoholic,56,1,64,1","alexandru,4,1,11,1,14,1,17,1,18,1,19,1,20,1,21,1,22,1,23,1,24,5,25,1,27,1,28,1,69,1,73,1,76,1,104,1,105,1,106,1,107,1,108,1,109,4,100,1,102,1,103,1,110,1,111,1,112,1,113,1","alia,61,1,65,1","alienation,56,4,53,1,54,2","alle,69,1,75,2,81,1,85,1,90,1","alleged,66,1","allem,10,1,78,1","allen,10,2,67,1,68,1,75,1,78,1,93,1,102,1","allens,64,1","aller,85,1,86,1","allgemein,86,1","allgemeine,80,1","allgemeinen,75,1,100,1","alliances,55,1","allocated,61,1,65,1","allocation,64,1,66,1","allot,53,1","allow,61,1,64,2,65,1","allowance,61,1","allowed,56,1,51,1,57,1,63,1,61,1,64,1,65,1,66,4","allowing,51,1","allows,62,1,66,3","almost,64,1","already,56,1,53,1,60,1,61,1,65,1,66,1","altera,59,1","alternative,8,1,38,1,66,2,72,1,95,1","although,49,1,53,1,64,1,66,2","aluko,66,1","always,32,2,15,1,38,2,41,1,45,1,61,1,64,4,65,1","amado,66,1","amend,61,1,65,1","amended,52,1,53,2,57,4,63,2,61,2,64,3,65,2","amending,56,5,49,2,50,2,51,5,52,1,53,4,54,1,57,2,63,2,58,5,60,1,61,1,62,1","amendment,9,1,56,2,49,1,51,1,52,1,53,3,57,2,59,2,63,3,58,7,60,3,61,2,64,1,65,2","amendments,9,1,56,8,50,4,51,1,52,5,53,8,54,5,57,5,59,2,63,8,58,4,60,3,62,2,64,3","amendoeira,61,1","amends,58,2","america,64,1","american,17,1,61,1,65,1","amerikanischen,103,1","amicable,56,1","amicably,49,1","among,56,1,15,1,52,1,54,1,63,1,62,1,64,2,66,1","amount,56,5,49,5,50,5,53,6,54,7,63,1,58,7,62,4,64,15,65,1,66,8","amounts,56,3,49,4,50,3,51,2,53,2,55,1,59,2,63,1,60,1,66,3","amp,1,5,2,7,3,5,4,7,5,5,6,5,7,5,8,6,9,32,10,5,11,5,12,5,13,5,14,5,32,5,33,5,34,5,15,8,16,6,17,5,18,5,19,5,20,5,21,5,22,5,23,5,24,5,25,5,26,5,27,5,28,5,29,5,30,6,31,5,35,5,36,5,37,5,38,5,39,5,40,5,41,5,42,5,43,5,44,5,45,5,46,5,47,5,48,5,67,7,68,5,69,7,70,5,71,5,72,6,73,5,74,5,75,31,79,6,76,5,77,5,78,5,95,5,104,5,93,5,94,5,80,7,81,5,82,5,83,5,84,5,85,5,86,5,87,5,88,5,89,5,90,5,91,5,92,5,96,5,97,5,105,5,106,5,107,5,108,5,109,5,98,5,99,5,100,5,101,5,102,5,103,5,110,5,111,5,112,5,113,5,114,5","amt,102,1","analyse,114,1","analysen,72,1","analyses,61,1,65,1","analysis,8,1,47,1","analyze,58,1,66,1","analyzed,63,1,61,1","anbieten,67,1","anbietet,80,1,96,1","andere,75,2,78,1","anderen,75,4,80,1,112,1","anders,75,1","andreea,4,1,11,1,14,1,17,1,18,1,19,1,20,1,21,1,22,1,23,1,24,1,25,1,27,1,28,5,69,1,104,1,105,1,106,1,107,1,108,1,109,1,100,1,102,1,103,1,110,1,111,1,113,2","anerkennung,10,1","angeboten,75,1,78,1","angegebenen,75,1","angelegenheit,67,1,75,1,78,1","angelegenheiten,67,1,78,1,93,2,80,1,90,1","angelegten,92,1","angemessene,94,1,84,1,85,1","angemessenen,87,1","angesehen,75,1","angesehenen,80,2","angesichts,79,1","angestellte,114,1","angestellten,78,1","angestrebte,88,1","angezogen,88,1","animal,55,5","anlass,10,1,88,1","annex,60,2","announced,37,1","announcements,56,1","annual,56,1,52,1,53,2,54,14,57,1,58,8,59,4","annually,52,1","annuities,62,1","annulment,51,2,63,1,59,1,66,1","annum,62,1,64,2","anonymous,56,1","another,56,3,53,2,54,2,55,1,63,1,58,1,61,6,64,3,65,1,66,1","anpassung,68,1,78,1","anrgn,59,4","ansichten,82,1","anstrebungen,10,1","answer,61,1","answers,64,1","anti,5,1,64,2,66,1","anticipated,58,1,64,1","antimonopolgesetz,68,1","antitrust,30,1","anw,67,1,78,2,95,1,82,1,88,1,98,1","anwaltkanzleien,80,1","anwaltskammer,105,1,107,1,108,1,109,1,103,1,110,1,112,1","anwaltskanzleien,67,1,80,2","anwaltsmarkt,80,1","anwaltsvereinigung,111,1","anwendbare,86,1","anwendbaren,75,2","anwendbares,75,1","anyone,9,1","anywhere,12,1","anzahl,88,1","anziehungspunkt,96,1","anzubieten,69,1,80,1,88,1","anzuziehen,75,1","ao,28,4,113,4","ap,19,1,66,1,104,1","apart,62,1,64,1","apostille,51,3","appartementnummer,72,1,74,1","appeal,49,2,53,3,60,6,61,1,65,1,66,2","appeals,60,2","appear,59,1","appeared,7,4,70,4","appellant,49,2","appendix,54,1,61,2,65,2","appliances,50,1","applicability,64,1","applicable,9,2,56,2,49,3,50,2,51,2,54,1,55,2,57,2,58,1,59,1,61,6,64,3,66,12","applicant,53,2,54,1,57,3,60,7","applicants,60,1","application,56,1,50,1,51,1,52,1,53,2,57,2,60,8,61,1,65,1,66,1","applications,50,1,57,1,60,1","applied,56,3,49,2,50,4,51,2,52,2,53,3,54,3,61,1,65,1,66,3","applies,63,1,64,1","apply,8,1,56,3,30,1,49,2,50,1,51,3,52,3,53,3,57,1,63,1,58,2,61,3,64,5,65,2,66,10","applying,8,1,50,1,52,4,53,5,57,2,61,1,62,1,64,1,65,1","appoint,66,20","appointed,50,1,55,1,57,1,63,2,61,1,66,11","appointing,66,1","appointment,58,1,66,13","appointments,66,2","apportioned,64,2","apportionment,64,1","appostille,51,1","appreciation,1,1","approach,2,1,34,1,38,1,43,1,61,2,65,2,66,4","approached,26,1","appropriate,56,2,32,1,34,2,36,1,41,1,43,1,46,1,48,1,63,1,64,5,66,2","approval,56,2,49,1,50,5,51,1,52,1,53,1,54,1,55,3,57,4,63,3,58,3,59,5,60,2,61,17,62,4,64,1,65,17,66,2","approvals,30,2,64,1,61,1,65,1","approve,51,1","approved,56,1,50,1,54,2,63,1,64,1,61,1,65,1","approving,56,3,50,1,51,2,52,1,53,1,57,1,63,4,58,2,60,3,62,1","approx,64,1,61,1,65,1","approximately,52,2,54,1,64,1","april,7,2,56,1,49,14,50,1,51,1,70,2","arbeit,72,1,75,2,93,4","arbeiten,80,1","arbeitet,80,1","arbeitsgesetzes,93,1","arbeitsrecht,68,2,73,1,95,1,93,3,94,1,81,1,82,1,83,1,84,1,85,1,86,1,87,1,88,1,89,1,90,1,91,1,92,1,96,1,97,1,105,1,106,1,107,1,108,1,98,1,99,1,101,1,102,1,103,1,110,1,111,1,112,1,114,1","arbeitsverh,93,1,86,1","arbeitsvertr,93,1","arbitrable,66,3","arbitral,66,104","arbitration,5,1,7,2,11,1,32,1,33,1,34,1,17,1,19,2,26,1,29,1,30,1,31,1,35,1,36,1,37,1,38,3,39,1,40,1,41,1,42,1,43,1,44,1,45,1,46,1,47,1,48,1,49,1,66,191,70,2","arbitrator,66,36","arbitrators,66,62","arcadia,11,1,73,1,76,5,112,5","archive,51,1,53,1","archiven,96,1","area,56,1,24,1,57,3,60,1,61,1","areas,1,1,5,1,43,1,50,1,57,1,64,1,59,2,60,4,61,1,65,1,66,2","arentz,64,1","argument,48,1,99,1","argumentation,72,1","arise,34,1,61,3,65,2","arises,61,2,65,1,66,1","arising,9,2,64,2,66,8","arm,64,3","arnon,66,1","aroused,34,1","arps,66,1","arrangements,49,1","arrangers,31,1","arrested,59,1","art,2,1,12,1,56,9,75,5,84,2","arthur,64,1,61,1","article,49,8,51,3,63,1,64,3,58,5,66,2","articles,11,1,51,1,52,1,54,5,55,2,63,1,64,2,58,1","artikeln,73,1","artistic,64,1,59,1","asbestos,61,8,65,8","ascertain,66,1","ashurst,61,1,66,1","ask,61,1,65,1,66,1","aspects,18,1,26,1,30,1,31,1,40,1,49,2,63,1","aspekte,81,1,86,2,90,1","assembly,51,1,54,3,58,1","asser,19,1,66,1,104,1","asses,65,1","assess,52,1,61,3,65,1","assessed,61,1,65,1","assessment,52,2,54,3,55,4,61,5,62,1,65,3","assessments,52,1,55,1,61,1,62,1,65,1","asset,5,1,11,1,12,1,56,1,32,1,33,1,34,1,26,6,29,1,30,1,31,1,35,1,36,1,37,1,38,1,39,1,40,1,41,2,42,1,43,1,44,1,45,1,46,1,47,2,48,1,51,1,53,1,54,1,63,1,64,1,61,6,65,4","assets,56,2,26,2,41,1,45,1,49,2,52,1,53,5,63,5,64,1,59,2,61,3,65,3","assigned,56,2,53,1","assignment,56,4,49,1,53,1,58,1,59,1,66,2","assignments,56,1","assigns,53,1","assimilated,50,1,58,4","assimilation,66,1","assist,1,1,30,1,31,1,39,1","assistance,2,1,56,2,33,1,34,1,17,1,20,1,22,1,23,1,25,1,28,1,35,1,38,1,45,1,52,1,57,3,64,1,61,2,65,2,66,5,76,1","assistant,14,1,19,1,52,1,66,1","assistants,63,1","assisted,61,1,65,1,66,1","assistentin,104,1","assisting,14,1,33,1,34,1,19,1,29,1,31,1,42,1,47,1,66,1","associados,61,1,66,1","associated,12,1","associates,1,5,2,7,3,5,4,7,5,5,6,5,7,5,8,6,9,32,10,5,11,5,12,5,13,5,14,5,56,4,32,5,33,5,34,5,15,8,16,6,17,5,18,5,19,5,20,5,21,5,22,5,23,5,24,5,25,5,26,5,27,5,28,5,29,5,30,5,31,5,35,5,36,5,37,5,38,5,39,5,40,5,41,5,42,5,43,5,44,5,45,5,46,5,47,5,48,5,49,4,50,4,51,4,52,4,53,4,54,4,55,4,57,4,63,4,64,8,58,4,59,4,60,4,61,11,62,4,67,7,65,8,66,13,68,5,69,7,70,5,71,5,72,6,73,5,74,5,75,31,79,6,76,5,77,5,78,5,95,5,104,5,93,5,94,5,80,8,81,5,82,5,83,5,84,5,85,5,86,5,87,5,88,5,89,5,90,5,91,5,92,5,96,5,97,5,105,5,106,5,107,5,108,5,109,5,98,5,99,5,100,5,101,5,102,5,103,5,110,5,111,5,112,5,113,5,114,5","associati,66,1","association,4,1,14,1,56,1,17,1,18,1,19,1,20,1,21,1,22,1,23,1,24,1,25,1,27,1,52,1,54,5,64,5,61,2,65,2,66,3,76,1","associations,24,1,51,1,53,1,54,5,57,1,63,3,58,3,76,1","associes,61,1","assume,9,1","assured,64,1","atmel,16,1,79,1","attach,54,1","attached,61,1,65,1,66,2","attempt,66,1","attend,54,1,66,3","attendants,66,1","attended,25,1,66,1","attention,42,1,49,1","attest,49,1","attesting,50,1,51,1,54,3,57,4,61,1,65,1","attests,56,1","attitude,30,1","attorney,8,1,9,3,56,1,18,1,49,1,50,1,51,1,52,1,53,1,54,1,55,1,57,1,63,1,58,1,59,2,60,1,62,1","attorneys,1,4,2,5,3,4,4,4,5,4,6,4,7,4,8,4,9,6,10,4,11,4,12,6,13,4,14,4,56,3,32,4,33,4,34,4,15,4,16,4,17,4,18,4,19,4,20,4,21,4,22,4,23,4,24,4,25,4,26,4,27,4,28,4,29,4,30,4,31,4,35,4,36,4,37,4,38,5,39,4,40,4,41,4,42,4,43,4,44,5,45,5,46,4,47,4,48,4,49,3,50,3,51,3,52,3,53,3,54,3,55,3,57,3,63,3,64,2,58,3,59,2,60,3,61,3,62,3,67,4,65,3,66,3,68,4,69,4,70,4,71,4,72,4,73,4,74,4,75,4,79,4,76,4,77,4,78,4,95,4,104,4,93,4,94,4,80,4,81,4,82,4,83,4,84,4,85,4,86,4,87,4,88,4,89,4,90,4,91,4,92,4,96,4,97,4,105,4,106,4,107,4,108,4,109,4,98,4,99,4,100,4,101,4,102,4,103,4,110,4,111,4,112,4,113,4,114,4","attract,61,1,65,1","attracted,37,1","attraction,41,1","attributed,64,1","attribution,64,1","attributions,49,1,54,1","attride,66,1","auch,10,1,67,3,72,1,75,1,79,1,80,4,81,1,83,1,84,2,86,1,89,1,92,1,97,1,105,2,108,1,100,1,101,1,102,1,103,1","audiatur,59,1","audio,63,1,64,1","audiovisual,59,7","audit,34,1,61,11,65,11","auditors,57,1,58,1","audits,61,1,65,1","auf,10,2,67,7,68,3,75,11,78,2,95,4,80,4,82,2,83,1,84,3,87,1,92,2,96,1,105,1,100,1,101,3,102,1","aufbau,111,1","auffinden,114,1","aufgabe,101,1","aufgekommen,84,1","aufgewendete,78,1","aufgrund,114,1","aufmerksam,75,1,78,1","aufmerksamkeit,93,1","aufrichtigkeit,78,2","aufsichtsr,84,1","auftreten,84,1","auftretenden,67,1","aufweist,86,1","augenmerk,101,1","august,7,2,58,16,59,5,60,1,62,2,70,2","auml,10,10,67,17,68,7,69,10,72,15,74,1,75,38,79,5,78,11,95,7,104,11,93,7,94,3,80,4,81,1,82,5,83,3,84,14,85,13,86,7,87,1,88,8,89,3,90,2,91,7,92,6,96,9,97,3,105,6,106,8,107,6,108,4,109,5,98,2,99,4,100,11,101,6,102,8,103,9,110,8,112,10,114,8","aus,67,3,69,1,75,7,94,2,84,2,85,1,92,1,101,1","ausarbeitung,93,1,82,1,86,1,91,1,96,1","ausbildungskurse,100,1","ausdr,75,2","auseinandersetzung,95,1","ausf,85,1,96,1,114,1","ausfertigung,85,1","ausgedruckt,75,1","ausgestattet,67,1","ausgew,78,1","ausgewogenes,95,1","ausgezeichneten,99,1","ausgleichspl,114,1","aushandlung,81,1","ausk,75,1","auskunft,75,1","ausl,67,1,69,1,79,1,94,2,83,1,84,1,85,1,88,1,90,1,100,1,102,1","ausland,102,1","ausländische,68,1,73,1,95,1,93,1,94,1,81,1,82,1,83,1,84,1,85,1,86,1,87,1,88,1,89,1,90,1,91,1,92,1,96,1,97,1,98,1,99,1,101,1,114,1","ausschlie,75,1","ausschliesslich,75,2","ausschreibungen,86,1","ausschuss,104,1","aussenministeriums,100,1","ausser,75,1","ausstellen,86,1","auszubauen,67,1","authentic,64,1","authenticate,53,1","authenticated,52,1","authentication,9,1,56,1,53,1","authentifizierung,75,1","author,56,1,57,1,61,2,65,2","authorisation,61,13","authorisations,61,2","authorised,64,1,61,6,66,1","authorities,56,6,33,1,30,1,36,1,40,1,41,1,44,1,48,1,50,3,51,2,53,4,55,2,57,4,63,2,64,7,58,4,59,6,60,3,61,12,62,4,65,4","authority,56,2,35,1,45,1,50,2,51,11,52,3,53,3,54,6,55,2,57,1,63,4,58,3,59,7,60,2,61,15,62,1,65,8,66,4","authorization,49,6,50,3,51,3,52,15,53,7,54,3,55,2,57,5,63,9,58,1,59,1,60,13,62,2,65,10","authorizations,49,1,52,1,63,2,64,1,60,6,65,2","authorized,2,1,4,1,9,2,12,1,56,2,49,2,51,1,53,4,55,2,63,5,64,2,58,1,59,1,62,1,65,5","authorizing,58,3,60,1","authors,56,1,49,1,50,1,51,1,52,1,53,1,54,1,55,1,57,1,63,1,58,1,59,1,60,1,62,1","automatic,56,1","automats,50,1","automobiles,21,1","automobilien,106,1","autonomous,52,1,53,1,59,4","autonomy,66,2","autorenrechtes,101,1","autorisierte,69,1,75,1","auxiliary,57,1","avail,56,1","availability,66,1","available,9,1,56,1,49,2,64,1,61,15,65,11,66,6","average,56,1,52,2,54,1,59,1","avoid,12,1,56,1","avoidance,2,1,56,5,48,1","avoiding,61,1","award,51,1,66,35","awarded,50,1,53,1","awarding,61,1,65,1","awards,66,10","aware,32,1,57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1","betreut,91,1","betreuung,10,1,92,1,100,1","between,9,2,56,5,24,1,49,2,50,1,51,1,52,3,53,2,54,6,57,1,63,2,64,13,58,2,59,5,60,2,61,10,62,2,65,6,66,6,76,1","beverage,50,1","beverages,56,1","bevor,75,1","bew,67,1","bewegliche,82,1","beweglicher,81,1","beweisen,72,1","beweist,78,1","bewerber,72,1","bewerbungsschreiben,72,1","bewiesene,67,1","bewirbt,72,1","beworben,75,1","bewusst,85,1","beyond,9,1","bez,78,1,95,1,93,1,85,1","bezieht,79,1","beziehung,78,1","beziehungen,80,1,86,1,90,1,98,1,99,1","bezug,67,1,84,2,105,1,100,1,102,1","bid,33,2,53,1","bidder,58,1","bieten,95,1,82,1,84,1,85,1,86,1,97,1","bietet,68,1,93,1,83,1,90,1,101,1","big,61,1,65,1","bilateral,61,1","bildet,79,1,101,1","bildung,81,1","bill,58,4","billa,16,1,79,1","billion,2,1,53,8,63,1,60,1","bind,52,1","binding,49,1,53,1,66,1","bingham,61,1","biopshere,52,1","biosphere,61,2","bis,84,1,85,1,88,1","blake,64,1","blick,95,1,94,2,85,1","bln,64,1","blowers,61,2,65,2","board,51,1,52,3,54,3","boards,56,1,34,1","boats,64,1","bodies,56,1,38,1,52,1,53,1,57,2,63,3,59,1,61,6,66,1","body,33,1,53,1,57,7,61,1,62,4,66,1","bomchil,66,1","bona,61,1","bond,66,4","bonded,64,1","book,56,5,66,1","books,59,1","border,5,1,22,1,45,1,64,5,61,2,66,2","borne,61,1,65,1,66,2","borrower,31,1","both,32,1,34,1,18,1,40,1,44,1,49,2,50,5,52,1,53,3,54,3,57,1,64,2,58,1,59,2,61,12,65,9,66,12","bound,66,2","boundaries,48,1","bowman,61,1","box,64,1","boxalls,64,1","branch,52,1,64,16","branche,67,1,90,1","branches,56,3,50,1,53,2,57,2,63,1,64,1,58,1","branco,66,1","brasov,57,1","breach,56,1,49,1,50,1,51,1,52,1,53,1,54,1,55,1,57,1,63,1,58,1,59,3,60,1,61,2,62,2,65,2,66,4","breiten,87,1","breites,80,1","briefly,1,1,66,1","brigard,66,1","bring,62,2,66,1","bringing,47,1","brings,57,1,63,3","broad,32,1,36,1,43,1,62,1","broadcast,59,1","broadcasted,56,1","broadcasting,50,2,51,1,64,1,59,1","broadcasts,59,3","broker,49,1,53,1,57,3","brokers,12,2,49,4,53,2,57,5,64,1","brought,50,1,52,1,53,1,54,1,57,1,66,2","brown,64,1,61,1","browser,9,3,75,3","browsers,9,1","bruckhaus,61,1,66,1","bruun,64,1","bucharest,4,1,6,1,8,1,14,3,56,4,17,2,18,3,19,3,20,2,21,2,22,2,23,2,24,3,25,3,27,2,28,1,44,2,49,2,50,2,51,2,52,2,53,2,54,3,55,5,57,2,63,2,64,9,58,2,59,4,60,4,61,7,62,2,65,7,66,8,76,3,111,1","buchpr,84,1","budapest,66,1","budget,56,1,64,2,58,4,61,1,62,1","bufete,66,1","bugge,64,1","buharest,9,1,75,1","building,30,1,51,3,54,7,60,1","buildings,56,3,50,1,58,2,60,2","built,54,1","bujoreanu,4,1,11,1,14,1,17,1,18,1,19,1,20,2,21,1,22,1,23,1,24,1,25,1,27,1,28,1,69,1,73,1,76,1,104,1,105,1,106,1,107,2,108,1,109,1,100,1,102,1,103,1,110,1,111,1,112,1,113,1","bukarest,72,1,74,1,97,2,109,1,100,2,102,2,103,1,111,2,112,1","bukarester,69,1,104,3,105,2,106,3,107,2,108,2,109,2,100,1,102,1,103,1,110,3,112,2","bulgaria,15,1","bulgarian,18,1","bulgarien,80,1","bulgarischen,102,1","bulletin,54,1","bundesau,100,1","bunni,66,1","burden,48,1","bureau,59,3","bus,12,4","buses,64,1","business,1,3,2,3,5,3,8,1,11,2,12,6,56,1,32,3,33,2,34,4,15,5,16,2,19,2,24,2,25,2,26,1,29,1,30,2,31,1,35,1,36,1,37,1,38,3,39,1,40,1,41,1,42,2,43,1,44,1,45,3,46,1,47,2,48,4,49,2,50,2,51,1,52,3,53,2,54,1,55,1,57,11,63,1,64,6,58,1,59,1,60,1,61,6,62,3,65,4,66,5,76,2,80,1","businesses,12,1,39,1,50,4,64,5","bustamante,66,2","buyer,64,1","bzw,72,1,75,1","cable,50,1","cadastre,56,5","calamities,58,2","calculated,56,1,50,1,52,1,54,1,57,1,64,2","calculating,64,1,62,1,66,1","calculation,54,1,55,1,57,1,66,1","calendar,56,1","call,50,2,54,2","called,64,1,61,1,65,1,66,2","calling,56,1","cambridge,19,1,66,1,104,1","camelia,4,1,8,1,11,1,14,1,17,6,18,1,19,1,20,1,21,1,22,1,23,1,24,1,25,1,27,1,28,1,61,4,65,5,69,1,72,1,73,1,76,1,104,1,105,1,106,1,107,1,108,1,109,1,100,1,102,1,103,5,110,1,111,1,112,1,113,1","camellia,61,1","cameras,50,2","campina,19,1","canada,56,1,18,1,102,1","cancellation,53,2,61,3,65,3,66,6","cancelled,61,1,65,1","candidate,19,1,21,1","candidates,8,1,56,1,53,1","cannot,9,1,12,1,56,2,49,1,50,1,53,1,54,2,66,3","canvas,56,1","capabilities,8,1","capacity,52,2,54,1,57,2,63,1,59,1,62,1,66,1","capital,5,1,11,1,14,1,56,9,32,1,33,1,34,1,19,1,26,1,29,7,30,1,31,1,35,1,36,1,37,1,38,1,39,1,40,1,41,1,42,1,43,1,44,1,45,1,46,1,47,1,48,1,49,8,51,12,53,5,54,4,63,6,64,17,58,10,59,2,60,1,61,2,62,1,65,2,66,2","capitalisation,64,2","capitalization,64,4","capitant,24,1,25,1,76,1,109,1,110,1,112,1","caplin,64,1","card,54,1","cards,59,1","care,61,2,65,1","career,2,1","careers,8,4","careful,45,1","carefully,12,1","carmeuse,16,1,79,1","carneiro,64,1","carried,60,1,61,3,65,3","carry,63,1,58,1","carrying,52,1,54,1,58,2,59,2","cars,64,1","cartel,35,1","case,9,1,56,4,30,1,49,3,50,2,51,4,53,7,54,2,57,2,63,1,64,6,58,4,59,4,60,2,61,25,62,3,65,23,66,44","caselaw,66,1","cases,9,1,56,1,21,1,49,1,53,1,64,3,59,1,60,4,61,2,66,2","cash,49,6,50,1,53,4,58,5","casinos,64,1","cassels,64,1","castelo,66,1","categories,56,1,64,1,59,1,60,1,61,3,65,3,66,1","category,56,1,54,2,57,1,58,1","cause,61,3,65,2,66,1","caused,58,1,61,8,65,8","causing,49,2","cb,20,4,107,4","cbm,27,4,111,4","ccm,50,1","cease,9,1,58,1","ceasing,9,1","cee,62,1","cellere,64,1","cement,35,1,38,1","center,55,2,60,1","centers,50,1,60,2","central,36,1,44,1,50,1,52,1,53,1,58,2,59,5,61,1,66,1","centres,64,1,66,1","century,16,1,79,1","certain,9,2,56,3,26,1,41,1,49,3,50,4,52,3,53,1,54,1,55,3,57,1,63,6,64,8,58,4,59,2,60,1,61,7,62,1,65,5,66,9","certificate,56,2,54,2,55,6,57,2,63,2,58,1,60,5","certificates,56,1,55,4,63,5,64,2,58,6","certification,53,1,55,5,57,2,59,1","certified,12,1,56,1,57,1,66,1","certifies,56,1","certify,54,1,58,1","certifying,57,1","cessation,56,1,51,2,58,1","chair,14,1,19,1,66,1","chairman,66,13","challenge,38,1,57,2,61,4,65,4,66,3","challenged,57,1,61,1,65,1,66,2","challenges,1,1,36,1,66,1","challenging,2,1,33,1,48,1,63,1","chamber,66,1","chambers,66,4","chance,50,1","chances,61,1,65,1","change,1,3,50,1,52,2,63,2,58,1,59,1,60,2,61,7,65,2,66,1","changed,56,1,50,1,52,2,59,1,60,1,61,1","changes,9,1,56,5,61,1,65,1","changing,33,1,63,1,64,1,60,6","chaotic,41,1","chaotischen,96,1","chapter,7,4,57,3,64,1,61,3,65,1,66,1,70,4","chapters,53,1,57,1","character,66,2","charakteristiken,94,1","charge,56,2,50,2,53,1,58,1,62,1","chargeable,64,1","charged,50,1,64,4,59,4,66,1","charges,31,1,52,1","chart,62,1","charter,57,2","che,106,1","check,35,1","chemical,61,1,65,1","cheques,49,3,59,1","chief,52,1,57,1","child,59,2","children,56,1,59,5,60,1","chlich,67,1","chlichen,95,1","choice,66,3","choices,66,1","choose,9,1,52,1,64,2,66,2","chose,66,2","chosen,49,1,66,3","chstleistung,98,1","chten,10,2","chtliche,104,1,84,1,86,1,88,1,105,1,106,1,107,1,100,1,103,1,112,1","chtlichen,68,1,78,1","chtlinge,104,1","chtlingsrecht,104,1","cia,66,1","cinema,56,1","cipher,49,1","cir,60,1","circuit,60,1","circular,56,1,49,1,50,5,52,1,53,1,54,1,55,1,58,2,59,2,60,1","circulation,56,4,50,1,58,5,59,1","circumstance,9,1","circumstances,52,1,64,1,61,2,65,2,66,7","citibank,16,1,79,1","citizen,56,1,66,2","citizens,56,5,63,1,59,1,66,3","citizenship,56,1","city,63,1,60,2","civil,56,2,17,2,20,1,22,1,23,1,24,1,28,1,49,7,50,1,51,1,52,1,53,2,54,1,55,1,57,3,63,2,64,1,58,1,59,1,60,8,61,19,62,3,65,17,66,22,76,1","cke,10,1,104,1","cklich,75,1","ckliche,75,1","cksbesitz,104,1","cksichtigung,67,1,86,1","cla,54,6","claim,56,4,49,2,64,1,61,2,65,2,66,8","claimant,66,12","claimants,61,1,65,1,66,2","claimed,53,1,64,1","claiming,61,1,65,1","claims,21,1,61,4,65,4,66,7","clarification,56,1","clarifications,53,1","clarified,54,1","clarifies,53,1","clarifying,62,1","claro,66,1","class,61,2,65,2","classes,57,1","classification,52,3,59,1,61,1,65,1","claudia,4,1,11,1,14,1,17,1,18,1,19,5,20,1,21,1,22,1,23,1,24,1,25,1,27,1,28,1,66,6,69,1,73,1,76,1,104,4,105,1,106,1,107,1,108,1,109,1,100,1,102,1,103,1,110,1,111,1,112,1,113,1","clause,66,9","clauses,55,2,57,1,63,1,66,1","clayton,61,1","clear,32,1,64,1,66,1","clearance,35,1,64,1,61,1","clearings,62,1","clearly,56,1,57,1,66,2","clerk,51,1,66,2","clerks,51,1,53,2,66,1","client,2,1,5,1,8,1,9,3,11,2,12,2,56,3,32,3,33,1,34,3,26,1,29,1,30,1,31,1,35,1,36,1,37,1,38,2,39,1,40,1,41,1,42,1,43,2,44,1,45,1,46,3,47,1,48,1,49,1,52,3,63,3","clients,1,3,2,4,4,1,5,2,9,1,11,1,12,6,14,1,32,2,33,1,34,4,15,2,16,8,19,1,20,1,21,1,29,1,30,1,31,1,35,1,36,1,37,1,38,5,39,1,41,1,42,2,43,1,45,1,47,1,49,2,52,2,66,1","climate,61,5","close,15,1,47,1,64,1,66,1","closed,61,1,65,1","closely,61,1","closing,30,2","clubs,64,1","cn,17,4,103,4","co,58,6,61,11,66,4","code,56,8,49,7,50,4,52,1,53,11,54,7,55,1,63,24,64,18,58,7,59,2,60,7,61,12,62,7,65,1,66,23","coercion,66,1","coercive,66,3","coffee,64,1","coins,50,2,59,2","colin,66,1","collaboration,4,1,61,1","collaborators,1,1","collar,19,1","collateral,64,1","colleagues,12,1","collect,9,1,52,1","collected,56,1,54,1,64,3,58,1","collecting,62,1","collection,56,2","collections,50,1","collective,56,2,42,2,54,4,63,1","college,61,1","colleges,59,1","com,9,1,56,2,49,2,50,2,51,2,52,2,53,2,54,2,55,2,57,2,63,2,64,4,58,2,59,2,60,2,61,4,62,2,65,4,66,4,75,1","combine,32,1","combined,16,1,58,1","come,61,1,65,1","comes,56,1","commence,60,1","commenced,61,1,65,1,66,1","commencement,56,2,57,4,60,1,61,2,65,2","commences,60,1","commencing,52,1","commented,66,1","commerce,56,3,49,1,51,8,54,1,57,1,63,6,58,1,61,1,66,4","commercial,5,3,9,1,11,1,14,1,56,3,31,1,32,7,33,1,34,1,15,1,17,1,18,2,19,2,20,1,21,2,22,1,23,1,24,1,25,1,26,1,27,1,28,1,29,1,30,2,35,1,36,1,37,1,38,2,39,1,40,2,41,1,42,1,43,1,44,1,45,1,46,1,47,1,48,1,51,3,52,6,53,2,54,4,57,2,63,3,64,8,59,3,60,6,61,3,62,2,65,3,66,19,76,1","comminatory,66,2","commission,56,1,19,1,49,2,50,3,51,4,53,2,54,2,57,3,63,1,59,8,60,2,62,1,66,2","commissioning,61,1","commissions,50,1,58,1,59,3","commit,12,1","commiting,61,2,65,2","committed,63,1,59,1","commodatum,59,1","commodities,63,1","common,19,1,64,1,59,1,61,1,65,1,66,1","commonly,64,1,66,1","commune,55,1","communicate,59,1","communicated,59,1","communicating,62,1","communication,8,1,9,1,56,1,16,1,59,1,79,1","communications,2,1,9,1,56,13,49,1,50,1,63,1","communist,41,1","communities,12,1,53,1","community,56,1,19,1,52,1,57,3,59,1,61,2,66,1","companies,34,1,15,1,16,2,29,1,50,1,51,3,52,8,53,11,54,8,57,7,58,2,63,5,64,12,59,3,60,1,61,7,62,2,65,7","company,34,2,15,1,21,1,27,1,50,2,51,1,52,5,53,8,54,9,57,4,58,7,63,2,64,27,61,22,62,1,65,15","comparable,56,2,64,4","comparative,7,4,15,1,22,1,64,1,61,1,66,1,70,4,80,1","compared,50,2,54,2,58,2","comparing,64,1","comparison,56,1","compartments,49,1","compatible,58,1,66,1","compelled,52,1,66,1","compensate,61,1,65,1","compensated,66,1","compensation,47,1,61,5,65,5,66,3","compensations,53,1,58,1,61,1,65,1","compet,55,1","competence,55,7,63,1,59,2,61,5,66,9","competences,53,1,63,2,59,2","competencies,50,3,54,1","competent,9,1,56,2,41,1,51,1,54,1,55,2,57,6,59,1,60,1,61,8,62,1,65,5,66,7","competition,5,1,11,1,31,1,32,1,33,1,34,1,26,1,29,1,30,2,35,9,36,1,37,1,38,1,39,1,40,1,41,1,42,1,43,1,44,1,45,1,46,1,47,1,48,1,49,14,53,4,58,5,59,2,61,1,65,1,66,2","competitions,64,1","competitive,53,1","complaint,61,1,65,1","complaints,50,1,52,1","complementary,63,1","complemented,66,2","complete,4,1,9,1,52,2","completed,16,1,63,1,61,2,65,2","completely,9,1","completing,56,2","completion,50,1","complex,32,1,16,1,29,1,44,1,48,1,61,1","compliance,56,7,30,1,35,1,42,1,44,1,49,2,51,2,52,1,55,1,57,3,58,4,60,1,61,5,62,1,65,3,66,4","compliant,55,1,57,2,58,1","complied,66,1","comply,9,1,49,1,51,1,53,1,61,1,65,1,66,4","complying,9,1,61,1,65,1","components,61,1,65,1","composed,62,1","composition,57,1","comprehensive,32,1","compresses,63,1","comprise,54,1,57,1,58,1,62,3","comprised,61,1,62,1,65,1","comprises,49,1,57,1,63,2,59,2,61,1,62,1,65,1","comprising,2,1,4,1,49,1,57,1","compromise,12,1","compulsory,51,2,53,3,59,2","computation,64,3,66,2","computed,64,1","computer,2,1,12,1,53,6","computermodelle,75,1","computerprogramme,75,1","computers,9,1,50,1","computertechnologie,78,1","conc,56,1","concept,34,1,63,1,64,1,60,1","conception,51,1","concern,38,1,42,1,45,1,50,1,54,1,61,1,65,1","concerning,49,3,50,1,54,1,63,3,59,1","concerns,53,2,57,3,58,1,63,1,59,1,62,1","concerted,51,1","concession,56,2,53,8,59,1,61,1,65,1","concessionaires,56,1","concessions,53,3","conciliation,53,1","conclude,49,1,51,1,52,2,59,2,65,1,66,1","concluded,56,4,49,1,50,1,53,1,54,4,63,1,64,9,61,1,65,1,66,1","concludes,56,1","concluding,33,1,62,1","conclusion,51,1,57,1,64,1","conclusions,61,1,65,1","condemned,66,2","condition,53,1,63,1,64,2,59,1,61,3,65,1,66,2","conditional,63,2","conditioning,50,1","conditions,9,3,56,8,31,1,49,1,50,1,52,1,53,3,55,5,57,6,58,8,63,8,64,6,59,4,60,2,61,17,62,3,65,15,66,5","conduct,34,1,55,2,57,1,61,6,65,6,66,2","conducted,52,1,61,3,65,2,66,1","conducting,52,1,65,1","conducts,52,1,61,1","conduit,64,1","confidence,29,1","confidential,52,1,66,1","confidentiality,56,2,49,1,52,1,66,12","confiscated,64,1","conflict,9,1,66,1","conflicts,59,1,66,1","conformity,52,3,63,1,61,1,62,4,65,1","confusions,56,1,59,1","congress,59,1","connected,64,1,61,1","connection,9,2,26,1,51,1,61,3,65,2,66,1","conseil,61,1","consent,9,1,56,1,49,1,50,1,57,1,64,2,66,3","consequence,50,1","consequences,38,1,61,1,65,1","consequential,9,1","consequently,9,1,56,1,42,1,49,1,54,1,64,1,59,1,61,1","conservation,52,1","consider,1,1,9,1,56,3,30,1,61,1,66,1","consideration,34,1,26,1,30,1,55,1,61,2,65,2,66,1","considered,9,1,49,2,50,2,51,1,52,1,53,3,54,2,55,1,58,2,64,3,59,3,60,2,61,3,62,2,65,2,66,2","considers,52,1","consist,56,1,53,1,63,1,66,1","consistent,64,1","consists,4,1,43,1,51,1,63,1","consolidated,64,1","consolidation,30,1,58,1,64,1,60,1","consortiums,32,1","constant,1,1","constantly,30,1","constitute,9,1,42,1,45,1,49,1,61,1,65,1","constituted,66,1","constitutes,34,1,61,1,65,1","constitution,56,1,64,3","constitutional,56,3,49,2","constitutionally,53,1","constitutive,60,1","constraint,61,1,65,1","construction,3,1,5,2,11,1,31,2,32,1,33,1,34,1,26,1,29,1,30,1,35,1,36,1,37,1,38,2,39,1,40,1,41,1,42,1,43,1,44,6,45,1,46,1,47,1,48,1,51,1,53,1,54,2,71,1","constructions,20,1,51,2,61,1","construed,56,2,49,1,53,1,60,3","consulates,49,1","consultant,52,1,61,1,65,1","consultants,15,1,57,1,61,4,65,4","consultations,53,1","consulted,9,1,55,1","consumer,20,1,55,2,57,2,63,4,62,2,66,1","consumers,58,2,63,3,62,4","consumption,56,1,54,1,55,5,58,1,63,5,60,1,62,6","contact,6,4,8,1,9,2,11,1,55,1","contacted,59,1","contain,9,1,50,1,54,1,58,1,64,1,61,1,65,1,66,2","contained,9,3,61,1,65,1","containing,50,1,61,1,65,1","contains,9,2,58,3,64,1,66,1","contaminated,61,2,65,3","contamination,61,10,65,10","content,9,2,56,2,49,3,50,3,51,3,52,2,53,2,54,2,55,3,57,2,58,2,63,3,64,1,59,2,60,2,61,1,62,2","contents,9,1","contest,56,1,50,1,53,1,59,1","contests,50,1,53,1","context,56,1,61,1,65,1","contingent,55,1","continue,52,1","continued,9,1","continues,66,2","continuing,5,1,8,1,59,1","continuous,8,1,64,1","continuously,33,1,64,3","contract,56,3,32,1,33,1,50,1,53,1,57,3,58,1,63,1,66,3","contracted,50,1","contracting,50,1,54,1,58,1,64,2,66,1","contracts,5,1,56,1,20,1,21,1,30,1,63,2,64,1,66,1","contractual,54,1,58,1,62,2","contradictoriality,66,2","contrary,64,2,59,1","contribute,56,1","contribution,8,1,56,5,57,2,61,3,62,1,65,3","contributions,56,6,53,3,55,1,64,3,61,1,62,3,66,1","contributor,17,1,18,1,23,1","contributors,15,1","control,35,1,51,1,61,9,65,4","controlled,64,3","controls,61,3,65,1","convention,56,5,51,1,61,2,65,1,66,4","conventional,53,1","conventions,56,2,32,2,50,1,53,1","conversant,14,1,18,1,19,1,23,1,24,1,25,1,28,1,64,1,61,2,65,2,66,1,76,1","conversion,49,1,50,1,53,1","convert,53,1","converted,49,2","convertibility,49,1","convertible,49,2","cookie,9,2,75,1","cookies,9,2,75,3","coopera·,54,1","cooperation,21,1,24,1,25,1,59,1,60,4,76,1","cooperative,52,1,54,10,58,3","cooperatives,54,10,58,2","coordinate,52,1","coordinates,49,2","coordinating,15,1,52,1,61,1","coordination,59,1,62,1","coordinator,53,1","cop,19,4,104,4","copied,9,2","copies,9,1,50,1,53,2","copy,1,1,2,1,3,1,4,1,5,1,6,1,7,1,8,1,9,4,10,1,11,1,12,1,13,1,14,1,31,1,32,1,33,1,34,1,15,1,16,1,17,1,18,1,19,1,20,1,21,1,22,1,23,1,24,1,25,1,26,1,27,1,28,1,29,1,30,1,35,1,36,1,37,1,38,1,39,1,40,1,41,1,42,1,43,1,44,1,45,1,46,1,47,1,48,1,50,1,67,1,66,1,68,1,69,1,70,1,71,1,72,1,73,1,74,1,75,2,78,1,76,1,77,1,95,1,104,1,92,1,93,1,94,1,79,1,80,1,81,1,82,1,83,1,84,1,85,1,86,1,87,1,88,1,89,1,90,1,91,1,96,1,97,1,105,1,106,1,107,1,108,1,109,1,98,1,99,1,100,1,101,1,102,1,103,1,110,1,111,1,112,1,113,1,114,1","copyright,9,4,40,1,45,1,53,1,63,3,75,1","copyrighted,9,1","core,2,1,15,1,43,1,45,1","cornel,64,7,61,7,65,7","cornerstone,12,1","corp,16,1,79,1","corporate,5,6,7,2,9,1,11,2,14,1,31,4,32,2,33,2,34,13,18,1,20,1,22,1,23,1,24,1,25,1,26,3,28,1,29,2,30,4,35,2,36,2,37,2,38,2,39,2,40,3,41,2,42,2,43,3,44,2,45,2,46,2,47,3,48,2,51,2,57,2,64,16,61,3,65,3,66,4,70,2,76,2","corporation,16,3,61,1,65,1,79,3","corporations,1,1,52,2,59,1,61,1,65,1","correa,61,1","correia,61,1","correspondence,49,2,52,1,54,1,59,1","correspondents,15,1","corresponding,56,1","corroboration,56,1","cost,12,3,56,1,64,4","costs,2,1,12,1,34,1,38,1,64,5,61,8,65,8,66,7","could,37,1,55,1,59,1,61,1,65,1","council,35,1,49,10,52,2,53,2,55,1,58,2,64,2,59,6,60,3,61,2,62,5","councilors,55,4","councils,55,2,64,2,59,4","counsel,31,1,20,1,21,1","counseling,8,1,17,1,20,1,61,1,65,1","counselor,27,1","count,2,1","counter,56,2,50,1,66,1","counterevidence,66,1","countries,56,1,15,1,41,1,49,1","country,56,1,49,1,64,3,61,1,66,14","counts,2,1","county,19,1,53,1,55,4,64,1,60,3,61,2","course,19,2,24,1,25,1,66,2,76,1","courses,14,1,58,1","court,56,2,19,1,49,8,51,7,53,7,57,1,60,4,61,8,65,7,66,78","courteous,12,1","courts,9,1,56,1,38,1,53,2,54,1,63,2,59,1,60,4,61,2,65,2,66,15","cover,56,1,32,1,53,1,59,1,61,3,65,2","covered,50,1","covering,61,2,65,1","covers,56,1,40,1,63,1","cox,61,1","creased,59,1","create,9,2,27,1","created,63,1","creating,57,1","creation,59,1,63,3","credibility,66,1","credit,56,11,49,9,50,12,52,1,53,1,54,2,58,8,64,4,60,1,62,5,63,3","crediting,56,4","creditor,62,1","creditors,47,1,53,1","credits,58,6,62,4","crime,19,1","crimes,61,2,63,1","criminal,56,1,49,1,50,1,51,1,52,2,53,5,54,1,55,1,57,1,58,1,64,1,59,5,60,2,61,28,62,1,63,15,65,20,66,2","cristina,4,3,11,2,14,3,17,3,18,3,19,3,20,8,21,8,22,3,23,3,24,3,25,3,27,7,28,3,69,3,73,2,76,2,104,3,105,3,106,7,107,8,108,3,109,3,100,3,102,3,103,3,110,3,111,6,112,2,113,3","criteria,49,2,52,2,55,2,57,2,59,2,60,4,61,1,66,1","criterion,58,1","critical,61,1","criticized,56,1","croatia,15,1","cross,5,1,22,1,45,1,61,2,64,5,66,4","crossborder,56,1","cs,21,4,106,4","cuatrecasas,66,1","cumulated,57,1,61,1","cumulative,55,1,58,1","cumulatively,57,1,59,1,61,2,62,1,65,2","cure,52,1","cured,61,1","currencies,49,2,50,2","currency,56,5,48,1,49,15,50,14,51,1,53,9,54,2,58,2,59,10,64,2,66,1","current,56,1,32,1,34,1,15,1,49,2,52,2,61,4,64,3,66,2","currently,2,1,19,1,44,1,49,1,61,2,64,4,65,1,66,2","custody,59,1,63,2","custom,61,2,65,1","customers,12,1,45,1,52,1,53,1,64,3","customs,32,1,49,1,50,1,51,9,53,2,58,9,61,1,64,1","cutler,66,1","cutting,2,1","cuza,66,1","czech,15,1","da,103,1","dabei,67,2,95,1,81,1,114,1","daf,75,1,95,1,97,1","daher,78,1","daily,5,1,58,1","dairy,55,1","damage,56,1,61,5,65,4,66,4","damaged,61,1,65,1","damages,9,1,61,13,65,13,66,10","damit,67,1,84,1","danach,78,1,86,1","danger,61,3,65,3,66,1","dangerous,61,6,65,5","danken,10,1","dann,75,3","danube,61,2","dar,75,3,93,1,81,1,82,1,84,2,85,1","daran,10,1,75,1","darauf,67,1,75,2","dargestellten,75,3","darin,101,1","darstellen,75,1","darstellt,75,2,101,1","darstellung,10,1","das,10,2,67,2,68,1,69,1,75,10,78,2,95,3,92,1,93,1,94,1,80,1,81,1,82,1,84,1,89,2,91,1,107,1,108,1,109,1,98,1,102,2,103,1,110,1,112,1,114,3","dass,10,1,72,1,75,10,85,2,86,1,97,1,98,1,114,1","data,9,1,56,10,20,1,51,4,52,1,57,2,59,1,62,1","date,9,1,56,10,49,2,50,3,51,2,52,1,53,5,54,2,55,1,57,5,58,4,59,6,60,5,61,7,62,1,63,3,64,5,65,6,66,2","daten,75,1","datenelement,75,1","datenschutz,107,1","datenschutzerkl,75,1","dates,66,1","dauer,68,1","dauernd,86,1","davis,61,1,66,1","day,5,2,12,1,34,2,42,2,49,2,50,1,53,1,54,2,58,4,60,1,66,3","days,56,5,50,5,52,4,53,2,54,2,55,3,57,9,58,3,59,2,60,5,61,3,62,2,63,4,64,1,65,3,66,1","dazugeh,78,1","deadline,50,1,61,1,63,1,65,1,66,1","deal,35,1,49,1,66,1","dealing,48,1,61,2,65,2","dealt,64,2","dean,52,1","dear,1,1","debate,66,1","debates,66,2","debt,31,1,47,1,53,3,63,3,64,5,66,1","debtor,66,2","debtors,66,1","debts,50,1,53,2,62,1","december,7,2,56,1,50,1,51,1,52,1,53,19,54,1,58,1,59,1,63,2,64,1,66,1,70,2","decentralization,59,6","decide,48,1,49,1,53,1,57,1,59,1,61,1,65,1,66,5","decided,63,1,66,3","decision,56,3,33,1,49,2,52,1,53,5,55,1,57,1,59,19,60,10,61,9,62,3,63,1,65,7,66,6","decisions,56,3,49,3,50,2,51,3,52,2,53,2,54,3,55,2,57,2,58,2,59,6,60,5,61,1,62,2,63,2,65,1,66,4","deckt,85,1,90,1","declarations,51,1","declare,49,1","declared,56,4,54,2,55,2,64,1","declaring,56,1","decline,9,1","decrease,51,2","decreased,53,2,58,1,60,1","decreasing,59,1,64,1","decree,54,1,63,1,66,2","dedicated,15,1,61,1","dedication,1,1","deduct,55,1,64,1","deducted,54,1","deductible,56,2,53,2,54,2,58,2,62,1,64,10","deductibles,53,1","deducting,64,1","deduction,56,1,53,3,54,3,62,1,64,5","deductions,53,1","deed,53,1,64,1,66,1","deeds,30,1,49,1,51,1,59,1,64,3,66,1","deemed,49,1,64,1,66,1","deems,61,1,64,1,65,1","deep,38,1","default,53,1,61,1,66,2","defence,61,3,65,2,66,3","defences,61,1,65,1,66,1","defendants,61,1,65,1","defense,52,1","deferred,66,1","define,60,1","defined,51,1,53,1,55,1,57,1,60,1,61,2,62,1,63,1,64,1,65,1,66,1","defines,62,1","defining,63,1","definition,57,3,58,1,62,2","definitions,57,5,61,1,63,1,65,1,66,1","definitive,59,1,61,1,65,1","degree,56,1,18,1,55,1,61,1,65,1,66,1","delamore,66,1","delay,56,1,53,1,54,1,66,1","delayed,59,1,62,1","delays,50,1","delegate,57,1,60,1,63,1","delegates,60,1","deleted,56,1","deliberate,59,1","delikater,99,1","delimitation,49,1","delivered,64,4,66,1","delivery,8,1,58,1,64,1","delta,52,1,61,2","dem,10,2,67,2,75,7,78,1,104,1,92,3,80,2,85,1,86,2,88,1,96,2,105,1,106,1,108,1,109,1,100,2,101,2,102,1,103,2,110,1,112,2,114,1","demand,36,1,61,3,65,3","demolishing,61,1,65,1","demolition,51,1,54,3","demzufolge,93,1","den,68,1,69,1,75,15,78,1,95,2,104,3,93,1,94,1,80,2,81,3,82,2,83,2,84,1,85,2,86,5,87,1,89,1,91,2,96,1,97,2,105,2,106,1,107,2,108,1,109,2,99,1,101,4,102,2,103,1,110,1,111,1,112,2,114,2","denen,75,1,88,1","denken,10,1,72,1,95,1","denn,78,1","denominate,56,1","denomination,50,2,51,4,59,4","denominations,56,3","deontological,52,1","department,8,1,49,1","departments,63,1","depend,66,1","depending,30,1,53,2,54,1,55,1,60,1,66,1","depends,50,1","deposit,49,8,64,1,66,1","depositary,54,1","deposition,66,1","deposits,49,3,64,2","deputy,55,3","der,10,3,67,10,68,4,69,1,72,7,75,36,78,8,95,1,104,8,92,3,93,1,94,1,79,2,80,6,81,4,82,7,83,2,84,13,85,4,86,7,87,1,88,4,89,5,91,3,96,5,105,5,106,9,107,2,108,3,109,5,98,1,99,4,100,7,101,2,102,7,103,5,110,6,111,5,112,6,114,3","derartiger,92,1","deregistration,62,1","derelictae,64,1","deren,78,1","dergleichen,84,1","deringer,61,1,66,1","derivative,9,1,56,1,63,1","derjenige,10,1","des,69,1,75,2,78,1,95,1,104,2,93,1,94,1,85,2,86,1,88,2,96,1,105,1,107,1,108,2,109,3,100,4,101,2,102,3,110,4,111,1,112,4,114,1","description,57,1","deshalb,10,1,95,1,85,1,96,1","design,9,1,75,1","designation,66,2","designed,56,3,49,1,50,1,51,1,52,1,53,1,54,1,55,1,57,1,58,1,59,1,60,1,62,1,63,1","designing,47,1","designs,45,1","desire,9,1","dessen,114,1","destination,56,1,55,1,61,1,64,1,65,1","deswegen,86,1","detail,62,1,63,2","detailed,59,1,61,3,63,1,64,1,65,2","details,8,1,56,1,61,1,62,1","deterioration,61,1","determine,66,3","determined,56,1,49,1,51,2,64,4,66,1","determining,56,1,53,1,54,1,61,3,64,1,66,1","deutsch,69,1,108,1,100,1,111,1,112,1","deutsche,14,1,16,1,79,1","deutschen,100,2","deutschens,111,1","deutschland,111,1","develop,53,1,58,1","developed,61,1,64,1,66,1","developement,8,2","developers,36,1,39,1","developing,39,1,57,2,59,2","development,27,1,39,1,52,1,57,4,60,3,61,4,64,1,65,3,66,1","developments,56,1,15,1,49,1,50,1,51,1,52,1,53,1,54,1,55,1,57,1,58,1,59,1,60,1,62,1,63,1","devisen,81,1,82,1,99,1","di,64,1","dialogue,53,1","dias,64,1","dickinson,66,1","dictation,66,1","did,58,1,60,1,65,1,66,4","die,10,4,67,7,68,5,69,1,72,10,75,32,78,6,95,11,92,3,93,1,94,2,79,2,80,5,81,2,82,4,83,2,84,15,85,8,86,7,87,2,88,3,89,1,91,2,96,4,97,1,99,8,100,1,101,4,111,2,114,3","dienen,75,2,85,1","dienste,69,1,78,2,95,2,89,1","diensten,75,1","dienstleistungen,67,1,78,2","dient,75,1","dies,75,1","diese,10,1,75,5,85,1,87,1,99,1,101,1","diesem,10,1,75,3,81,1,82,1,101,1","diesen,75,1","dieser,68,1,75,14,88,1,90,1","dieses,88,1","differ,64,1,66,2","difference,58,1,64,2,66,2","differences,56,1,54,1,64,1,66,2","different,54,2,61,2,64,5,65,2,66,3","differentiated,55,1","differs,54,1,64,1","difficulty,53,5","digital,50,1","dignity,52,1,59,3","diligence,30,1,41,1,61,1,65,1,76,1,86,1,112,1","diminished,56,1","diminishes,54,1","diminishing,63,1,64,1","diplomas,56,1","diplomat,14,1,100,1","diplomatic,14,1,64,1","diplomatischen,100,1","direct,5,1,9,1,11,1,56,1,31,1,32,1,33,1,34,1,18,1,26,1,29,1,30,1,35,1,36,1,37,1,38,1,39,1,40,1,41,1,42,1,43,2,44,1,45,1,46,1,47,1,48,1,61,1,66,2","directive,52,2,61,2,62,1","directives,52,6,57,1,63,1","directly,50,1,51,1,53,1,64,1,66,2","director,58,2",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,1","einzigen,10,1","either,31,1,49,1,50,1,53,1,54,1,55,1,59,1,61,2,64,1,65,2,66,11","elect,64,3","elected,55,7,62,1","election,55,2,66,1","electric,16,1,79,1","electricity,50,1","electronic,9,2,56,4,50,1,52,3,53,10,66,1","elektronische,75,2","element,9,1,47,1,57,1,66,1","elements,57,1,61,3,65,4,66,1","eligibility,55,2,57,1","eliminated,54,1,63,1","elimination,58,1","elkins,66,1","email,56,1,61,2,64,2,65,2,66,2","embassies,49,1","emea,15,1,80,1","emergency,56,3,49,3,50,5,51,3,52,3,53,3,54,1,57,1,58,1,59,2,60,1,61,3,62,1,63,6,65,3,66,1","emerson,16,1,79,1","emission,58,2,59,2,61,2","emissions,61,9,65,1","employ,62,1,63,1","employed,59,1,63,1,64,1","employee,54,2,62,1,61,2,65,2","employees,12,1,52,1,54,1,62,4,59,1,61,6,63,1,64,1,65,6","employer,54,2,62,3","employment,62,1,59,1","enable,15,1,61,1,64,1,65,1","enables,2,1,12,1,34,1,38,1,43,1,46,1,48,1,64,3","enactment,66,1","encoded,51,1","encourage,38,1","encumbrance,56,1","end,52,4,53,2,58,2,69,2,104,1,105,1,106,1,107,1,108,1,100,1,102,1,103,1,110,1,112,1","endorsed,52,1","endorsement,55,1","energie,87,1","energiebereich,106,1","energieressourcen,88,1","energiesektor,68,1,73,1,95,1,92,1,93,1,94,1,81,1,82,1,83,1,84,1,85,1,86,1,87,1,88,7,89,1,90,1,91,1,96,1,97,1,98,1,99,1,101,1,114,1","energiesektors,88,2","energieversorgung,82,1","energy,5,1,11,1,31,1,32,1,33,1,34,1,19,1,21,1,26,1,29,1,30,1,35,1,36,2,37,10,38,1,39,1,40,1,41,1,42,1,43,1,44,1,45,1,46,1,47,1,48,1,61,2,66,1","enforce,66,1","enforceable,53,1,61,1,65,1","enforced,51,8,61,1,63,1,66,3","enforcement,49,4,50,2,52,1,53,2,57,2,58,1,59,2,60,1,61,9,64,3,65,1,66,15","enforcing,63,1","enge,78,1,80,1","engen,114,1","england,104,1","englisch,69,1,104,1,105,1,106,1,107,1,108,1,100,1,102,1,103,1,110,1,111,1,112,1","english,4,1,14,1,17,1,18,1,19,1,20,1,21,1,22,1,23,1,24,1,25,1,27,1,28,1,61,3,64,3,65,3,66,3,76,1","engraved,58,2","enhancing,2,2","enjoy,66,1","enlisted,66,3","enministeriums,100,1","enough,56,1","ensure,36,1,62,1,61,6,63,1,64,1,65,6,66,2","ensuring,4,1,12,1,42,1,44,1,57,1,62,1,59,1,61,1","entail,42,1","entdecken,84,1","enter,13,1,56,2,50,1,54,1,55,1,62,2,59,2,63,5,64,1","entered,57,2,64,2","entering,56,2,29,1,49,1,58,4,61,1,64,2","enterprise,54,1,59,2,64,1","enterprises,47,1,53,2,54,1,57,3,58,3,59,6,60,4,61,1,64,1,65,1","enters,62,3,59,4,63,3","entertaining,64,1","entertainment,5,1,11,1,31,1,32,1,33,1,34,1,19,1,26,1,29,1,30,1,35,1,36,1,37,1,38,1,39,1,40,2,41,1,42,1,43,1,44,1,45,1,46,1,47,1,48,1,50,1,64,1,66,2","entgegentreten,10,1","enth,75,2","enthalten,75,3","enthaltenen,75,3","entire,56,1,58,1,61,4,64,1,65,3,66,1","entirely,53,1,60,1","entities,9,1,26,1,49,1,51,5,52,8,53,3,54,3,55,2,57,7,58,6,62,5,59,2,60,3,61,4,63,6,64,7,65,1","entitled,56,2,49,1,53,1,58,1,59,1,61,6,64,3,65,6,66,10","entitles,61,1,65,1","entity,56,1,51,2,52,1,53,1,54,1,55,8,57,2,58,8,62,1,60,1,63,2,64,5","entrance,6,1,9,1,49,3,60,1,66,2,75,1","entrances,49,1","entrepreneurs,57,2","entrusted,66,1","entry,56,2","entscheidend,99,1","entsprechen,97,1","entsprechend,82,1","entsprechende,84,1,87,1","entstehen,84,1","entwickeln,67,1","entwicklung,72,2,91,2","entwicklungen,80,1","entwurf,114,1","enumerates,62,1","env,65,4","env05,61,4","environment,1,1,7,4,34,1,17,1,52,3,57,4,58,1,61,44,65,29,70,4","environmental,30,1,52,16,57,2,61,143,65,101","environmentrelated,61,1,65,1","envisage,61,1,65,1","envisaged,61,1,65,1","equal,56,3,50,1,54,1,62,1,66,2","equally,66,2","equipment,49,2,50,1,53,1,58,1,61,1,65,1","equipped,2,1","equity,64,3,66,2","equivalent,14,1,56,3,18,1,19,1,22,1,23,1,24,1,25,1,28,1,53,4,57,1,58,2,62,1,59,1,61,1,63,1,64,3,65,1,66,1,76,1","erase,53,1","erf,85,1","erfahrene,72,1","erfahrenen,67,1,69,1","erfahrung,67,1,68,1,95,1,104,1,94,1,79,1,82,1,84,1,85,1,86,2,90,1,105,1,106,1,107,1,100,1,101,1,102,1,103,2,111,1,112,1,114,2","erfassen,78,1","erfindungsreichen,79,1","erfolge,10,1,114,1","erfolgreich,95,1,79,1,106,1,111,1","erfolgreiche,72,1,78,1","erfolgreichen,10,1,85,1","erforderlich,96,1","erforderlichen,69,1,86,1","ergeben,75,2","ergebende,75,1","ergebnis,67,1,95,1,89,1","ergebnisse,10,1,84,1,89,1","erhalt,75,1","erhalten,75,3","erhielten,10,1","erkennen,75,2,96,1","erkl,75,2","erlangen,92,1","erlangte,75,1","erlaubnis,75,1","erlaubt,78,1","erleben,10,1","erlebt,91,1","erleichern,75,1","erm,67,1,78,1,95,1,94,1,80,1,98,1,99,1","ermitteln,78,1","ermutigen,95,1","ernstes,93,1","erreichen,85,1,99,1","erreicht,88,1","erreichten,10,1","error,61,1,65,1","errors,57,1,66,1","erscheinenden,80,1","erst,72,1","erstellen,85,1","ertr,85,1","erw,75,1","erwarb,111,1","erwarten,75,1","erwartungen,10,1","erweisen,89,1","erweist,99,1","erwerb,81,1,83,1,96,1","erwerbssystem,89,1","erwerbungen,68,3,73,1,95,1,92,1,93,1,94,1,80,1,81,1,82,1,83,1,84,1,85,1,86,4,87,1,88,1,89,1,90,1,91,1,96,1,97,1,109,1,98,1,99,1,101,1,114,1","erwiesen,114,1","erworben,102,1","erzielen,87,1","erzielt,98,1","escape,61,1","escrow,32,1","essential,8,1,66,1","establish,56,1,57,2,58,1,59,1,61,1,63,1,65,1,66,2","established,9,3,56,9,49,3,50,4,51,2,52,4,53,6,54,4,55,6,57,4,58,3,62,2,59,2,60,7,61,5,63,3,64,7,65,3,66,6","establishes,56,1,49,1,52,1,53,1,55,2,57,1,58,1,62,2,59,1,63,2","establishing,56,1,50,3,53,1,57,1,58,2,62,1,59,2,61,3,63,2,64,1,65,2","establishment,5,1,9,1,56,2,26,1,49,1,51,2,52,3,53,1,54,1,57,3,59,1,60,1,61,1,64,7","estate,5,2,11,1,12,1,14,1,56,8,31,1,32,1,33,1,34,1,17,1,19,1,20,1,21,2,23,1,25,1,26,1,28,1,29,1,30,1,35,1,36,1,37,1,38,1,39,1,40,1,41,5,42,1,43,1,44,2,45,1,46,1,47,1,48,1,49,2,50,6,51,2,53,1,58,4,62,1,59,2,61,2,63,3,64,4,65,2,66,3","esteem,66,1","estimating,56,1","estimation,54,2","estonia,56,1","ethical,9,1,12,2","ethics,8,1","ethik,72,1,78,1","ethiopia,56,1","ethischen,75,1,78,1","ethylic,64,1","eu,56,5,49,1,57,6,61,2,63,1,64,4,65,1,66,1","eur,56,2,49,3,51,1,52,2,53,3,58,2,62,3,61,1,65,1","euro,58,1,59,2,61,1,63,1,65,1","euromoney,15,1,80,1","europ,112,1","europa,80,1","europe,15,1","european,56,1,25,1,41,1,51,1,52,7,53,2,57,8,59,1,61,4,64,1,65,2,66,1,76,1,110,1","evaluating,61,1,65,1","evaluation,60,1,66,1","even,56,1,53,1,61,1,66,6","event,53,1,59,1","events,56,2,58,2,59,1,61,1","everyone,59,1","evidence,52,1,53,1,57,1,63,1,66,20","evidentiary,66,1","evolved,2,1","ex,51,1,59,1,60,5,63,1,66,3","exakt,75,1","examination,66,1","examinations,62,2","examine,66,1","example,66,1","examples,52,1","exceed,56,1,49,1,50,2,53,2,54,1,55,1,57,2,58,2,59,3,64,4","exceeding,56,1,50,1,51,1,52,3,53,3,54,4,58,3,62,2,60,2,64,2,66,1","exceeds,56,1,54,1,58,1,64,3","excellent,48,1","except,56,5,50,2,52,1,54,1,55,2,58,1,62,1,59,1,60,1,63,1,64,2,66,2","excepting,51,2,53,3,58,1","exception,49,1,53,2,57,1,60,2,64,1","exceptions,56,1,53,1,64,1,66,2","excerpt,56,3","excess,2,1,64,1","excessively,61,1,65,1","exchange,56,2,31,1,34,1,26,1,49,8,54,4,58,1","excise,64,2","excises,56,2,50,8,54,1","exclude,66,1","excluded,66,2","excludes,9,1,66,2","excluding,64,1","exclusion,66,1","exclusions,64,2","exclusive,15,1,53,1,58,1","exclusively,9,1","execute,52,1","executed,49,1,54,1","execution,51,1,61,1,65,1,66,3","executive,34,1,52,1,59,1,64,1","executors,57,1","exemplary,61,2,65,2","exempt,64,5","exempted,49,3,50,2,61,1,63,1,64,5,65,1","exemption,58,11,59,1,63,2,64,1","exemptions,56,1,49,1,64,3","exequatur,66,1","exercise,51,1,55,1,57,1,59,2,66,2","exercised,63,1,66,1","exercising,56,2,59,1","exert,66,1","exhausted,49,1","exist,57,1,66,2","existence,1,1,49,3,66,4","existiert,75,1","existing,53,1,60,1,61,1,64,1,65,1","exists,66,1","exit,49,1","exklusiv,80,1","expandierende,79,1","expandierenden,98,1","expanding,16,1,46,1","expansion,60,1","expense,66,1","expenses,56,2,49,1,52,1,53,2,54,4,58,1,62,2,64,10,66,4","experience,14,1,31,1,32,1,17,1,18,1,19,1,20,1,21,1,27,1,30,1,38,1,61,2,64,1,65,2,66,1","experienced,2,1,4,1,8,1","expert,52,1,57,1,66,1","expertise,1,1,5,1,34,1,16,1,22,1,24,1,29,1,30,1,40,1,41,1,43,1,45,1,47,2,61,1,64,2,65,1,66,2,76,1,96,1","experts,52,4,66,8","expiration,61,1,65,1,66,2","expires,50,1","expiry,56,1,61,1,63,1,65,1","explanatory,56,1","explicit,56,1,57,1,60,1","explicitly,56,1,52,1,58,1","exploit,9,1","exploitation,61,1,65,1","export,49,2,51,1","expose,66,1","exposure,61,1,65,1","express,9,1,58,1,66,2","expressed,50,1,53,2,59,1,64,1","expression,50,1,58,3,59,2","expressions,58,2","expressis,61,1,65,1","expressly,9,1,60,1,66,4","extend,63,1,64,2","extended,50,1,52,1,57,1,58,1,60,1,61,3,65,1","extending,52,1,63,2","extension,56,1,50,1,63,2","extensions,50,1","extensive,5,1,14,1,31,1,34,1,18,1,19,1,20,1,21,1,27,1,30,1,45,2,57,1,61,1,64,3,65,1,66,2,101,1","extent,56,1,61,8,65,5","external,50,3,63,1","extra,2,1,66,1","extraordinary,59,1","extreme,66,2","fabriken,82,1","face,59,1","faced,29,1","fachbereichen,68,1","fachleute,67,1,69,1,78,1","fachleuten,78,1","fachlich,80,1","fachliche,67,2,91,1,96,1","fachlichen,69,1","fachm,75,1","fachpersonal,67,1","fachwissen,10,1","fachzeitschriften,80,1","facilitate,9,1,61,1","facilities,2,1,63,1,64,1","fact,56,1,49,1,58,1,59,1,61,1,65,1,66,2","facto,66,2","factors,61,2","facts,60,1","factual,8,1,61,1,65,1,66,1","faculty,19,1,21,1,22,1,25,1,64,1,66,1","fail,51,1,52,1,53,2,66,5","failed,66,2","failing,49,1","fails,9,1,66,5","failure,56,1,49,1,51,1,62,1,59,1,60,1,61,3,63,1,65,3,66,3","fairness,8,1","fakhruddin,66,1","fakult,104,1,110,1","fall,51,2,75,1,86,1","false,49,1","familiar,26,1","familiarity,66,1","family,51,1,52,1,54,1,55,1,57,1,58,4,59,3,63,5","far,61,1,65,1,66,1","fasken,66,1","fast,39,1","fault,58,1","favour,64,1,66,1","fax,6,1,8,1,9,1,56,2,49,1,50,1,51,1,52,1,53,1,54,1,55,1,57,1,58,1,62,1,59,1,60,1,61,2,63,1,64,2,75,1,65,2,66,2,72,1,74,1","feasible,30,1","feature,66,1","features,38,1,43,1,57,1,61,2,65,2,66,1","february,7,2,50,1,54,11,70,2","federal,14,1","federspiel,61,1,66,1","fee,52,1,57,1,64,1,66,2","fees,56,1,53,1,55,1,59,3,63,1,64,1,66,5","fen,75,2,92,1","fer,78,1","fermented,64,1","ferous,58,1","fertigkeiten,72,1","feste,86,1","festgesetzten,75,1","festgestellt,92,1","festzulegen,94,1","fewer,50,2","ffentliche,75,1,69,1,78,1,86,1,89,2","ffentlichen,75,1,68,1,86,1,90,1","ffentlichkeit,78,1","ffentlichung,75,2","ffentlichungen,80,1","fiba,16,1,79,1","fic,54,9","fide,61,1","fiduciary,63,1","field,56,2,30,1,37,1,53,2,54,1,62,1,60,3,61,1,66,1","fields,20,1,21,1,30,1,35,1,38,1,47,1,52,1,61,1,65,1,66,2","fil,12,4","file,12,1,35,1,49,1,53,1,55,2,57,2,60,2,61,3,64,1,65,3,66,3","filed,49,1,50,1,55,1,57,2,60,3,66,3","filiations,60,1","filing,52,1,53,1,60,1,66,4","filling,62,1","film,50,1","final,41,1,53,3,55,1,61,2,65,1,66,5","finalisation,66,2","finally,61,1,64,1,65,1","finance,5,3,11,3,31,4,32,3,33,3,34,3,16,1,18,1,19,2,26,5,29,3,30,3,35,3,36,3,37,3,38,3,39,3,40,3,41,3,42,3,43,3,44,3,45,3,46,3,47,3,48,3,50,9,53,1,59,1,66,2,79,1","financed,56,1","financer,53,4","finances,33,1,48,1,62,2,59,1,63,3","financial,56,4,31,2,16,1,29,1,35,1,38,1,48,1,49,3,50,3,51,1,52,7,53,7,54,3,57,2,58,13,62,4,59,4,60,2,61,3,63,5,64,2,65,2,79,1","financialaccounting,57,1,62,1","financing,5,1,14,1,31,5,26,1,36,2,37,1,50,1,52,1,64,2,66,1","finanz,16,1,79,1","finanzdienstleistung,92,1","finanzdienstleistungen,95,1","finanzen,68,1,73,1,95,1,92,1,93,1,94,1,81,1,82,2,83,1,84,1,85,1,86,1,87,1,88,1,89,1,90,1,91,1,96,1,97,1,98,1,99,1,101,1,114,1","finanzierung,68,1,73,1,95,1,92,1,93,1,94,1,81,7,82,4,83,1,84,1,85,1,86,1,87,1,88,2,89,1,90,1,91,1,96,1,97,1,98,1,99,3,100,1,101,1,114,1","finanzierungsarten,81,1","finanzierungstechniken,87,1","finanzinstitute,82,1","finanzinstituten,82,1","finanzwerkzeuge,83,1","finanzwesen,104,1","find,34,1,43,1,46,1,47,1,48,1","finden,95,1,84,1,98,1,99,2","finding,48,1","findings,66,1","fine,51,1,52,1,53,3,59,1,60,1,61,4,63,1,65,2","fines,54,1,59,1,61,2,65,2,66,1","fire,57,1","firm,1,2,5,1,8,6,56,1,34,1,26,2,30,1,37,1,42,2,45,1,49,1,50,1,51,1,52,1,53,1,54,1,55,1,57,1,58,1,62,1,59,1,60,1,61,2,63,1,64,6,65,2,66,5","firma,72,1,81,1,82,1,85,1","firmen,86,1,91,1","firmenaktivit,84,1","firmenbeteiligungen,81,1","firmengesch,90,1","firmengruendung,111,1","firmengründung,80,1","firmennetzwerk,80,1","firmenstruktur,84,2","firmenvertreter,84,1","firms,2,1,12,1,15,4,64,2,66,2","first,1,1,12,1,56,2,53,2,54,1,58,1,60,3,61,4,65,4,66,2","fiscal,56,27,49,3,50,9,52,3,53,10,54,8,55,1,57,28,58,11,62,10,59,10,60,16,63,7,64,28,66,2","fish,55,1","five,56,2,54,2,57,1,60,1","fixed,56,2","fl,104,2","flat,53,1,64,2","flexibel,72,1","flexible,8,1,34,1,84,1","flich,75,1","flichen,78,1","flie,69,2,104,1,105,1,106,1,107,1,108,1,100,1,102,1,103,1,110,1,112,1","fliessend,111,1","floating,31,1","flom,66,1","floor,6,1,9,1,75,1,66,2","flows,49,2,53,1","fluent,4,2,14,1,17,1,18,1,19,1,20,1,21,1,22,1,23,1,24,1,25,1,27,1,28,1,61,4,64,4,65,4,66,4,76,1","focus,5,1,12,1,38,2,61,1","focused,1,1,30,1,57,1","focusing,2,1","fokussiert,68,1,78,1","folge,10,1,75,1,86,1","folgen,75,1,95,1","folgenden,72,2","folglich,75,1","folgt,85,1","follow,30,1,61,1,64,2,65,1","followed,51,1,64,1,66,1","following,8,2,9,1,56,3,49,7,50,2,52,3,53,4,54,1,55,2,57,1,58,2,62,1,59,1,60,2,61,5,64,7,65,4,66,6","follows,32,1,24,1,49,1,51,1,53,2,55,1,57,1,60,1,66,1","food,20,1,21,1,55,1,61,1,65,1","foods,16,1,79,1","footmark,1,1","forbidden,56,3,54,1,58,1,59,3,61,1,65,1","forbids,54,1,59,1","force,56,5,49,1,50,1,55,2,57,3,58,4,62,5,59,8,61,3,63,8,64,7,65,2,66,1","forced,63,1","foreign,5,1,8,1,11,1,14,3,56,6,31,2,32,2,33,1,34,2,16,1,18,1,19,1,26,2,29,2,30,1,35,1,36,1,37,1,38,1,39,1,40,1,41,1,42,1,43,7,44,1,45,1,46,1,47,1,48,2,49,12,50,8,51,1,53,2,54,2,55,1,58,1,59,1,61,5,63,2,64,6,65,5,66,13","foreigner,56,2,59,1,60,2","foreigners,56,9,60,5","foresee,55,1","forest,50,3","forests,57,2,61,2","forex,49,18,50,2","form,9,2,56,4,51,1,52,2,53,4,54,3,55,2,58,1,62,2,60,6,61,2,64,1,75,1,65,1,66,5","formal,56,1,55,3,57,1","formalities,57,1,60,3,63,1","formation,15,1,63,1,64,1,66,2","formed,64,1,66,1","former,61,1,65,1","forms,56,1,26,1,50,2,52,1,54,5,62,1,61,1,63,1,65,1","formulierungen,85,1","forschung,101,1","fortgef,114,1","forth,49,1,50,5,52,1,54,2,55,1,62,2,59,2,63,4,64,2","fortune,53,1","forward,49,1,50,1","forwarded,56,1,50,1,60,2","found,61,1,65,1","foundations,54,1","founded,2,1","founding,56,1","four,12,1,52,1","fox,64,1","framed,59,1","framework,30,1,53,3,54,2,57,1,62,1,59,3,61,1,63,1","framing,9,1","france,22,1,64,1","franchising,45,1,101,1","frankreich,105,1","franz,69,1,104,1,106,1,108,1,109,1,100,1,102,1,103,1,110,2,112,2","fraud,56,3,66,1","free,9,1,56,2,50,5,52,1,53,1,62,2,59,1,61,1,64,5,65,1,66,3","freedom,56,1,57,3,59,3","freely,49,2,54,1","freiwillig,75,1","fremdsprachenkenntnisse,72,1","french,4,1,14,1,18,1,19,1,21,1,23,1,24,2,25,2,28,1,61,1,64,1,65,1,66,3,76,2","frequencies,50,1","frequently,66,1","fresh,55,2","freshfields,61,1,66,1","freundlich,72,1","freundlichen,10,1,80,1","freut,10,1","friendly,8,1,15,1","front,35,1,49,1,66,3","ftes,10,2,92,1,84,1,96,1,99,2,101,1","ftigung,93,1","ftigungsstreitigkeiten,93,1","ftlichen,95,1","ftsabwicklung,68,1,78,2","ftsangelegenheiten,72,1","ftsaussichten,67,1,78,1","ftsbereich,86,1","ftsbereichen,92,1,86,1","ftsbezogene,80,1","ftsdauer,84,1","ftsergebnisse,99,1","ftsgang,92,1","ftsgrundst,104,1","ftspartner,10,1","ftsphilosophie,78,2","ftsverbindung,85,1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stitutional,59,1,66,13","institutions,56,9,31,2,49,7,50,13,53,1,58,2,62,3,61,1,63,3,64,6,66,2","instituts,109,1,110,1,112,1","instituut,19,1,66,1,104,1","instruct,57,1","instructions,49,1,50,1,54,3,62,1","instrument,64,1","instruments,56,2,29,1,49,9,59,1,63,4,64,1","insufficient,66,1","insurance,53,33,51,16,52,10,54,1,57,33,58,4,62,1,61,13,64,1,65,12,66,1","insurances,53,1,57,4,63,1","insured,56,2","insurer,51,1,57,6,61,3,65,3","insurers,53,5,51,5,57,1,61,1,65,1","integrate,51,1","integrated,12,1,51,4,61,4,65,2","integration,25,1,54,1,60,5,110,1","integrierte,78,1","integrity,12,2","intellectual,5,2,53,1,31,1,32,1,33,1,34,1,18,2,26,1,27,1,29,1,30,1,35,2,36,1,37,1,38,1,39,1,40,1,41,1,42,2,43,1,44,1,45,6,46,1,47,1,48,1,63,2,64,1,66,3","intend,54,1,55,1","intended,66,1","intending,57,1,60,2,66,2","intends,52,1,54,2","intent,8,1","intention,9,1,32,1,61,1,65,1,66,1","inter,31,1,49,4,61,1,65,1","interbank,50,2","interbanking,49,2","interdiction,57,1,59,1","interessen,75,1,95,1,84,1,85,1","interessenskonflikt,75,1","interessierte,72,1","interest,53,4,56,9,32,1,49,4,50,6,51,4,52,4,54,5,55,5,57,1,58,4,62,6,59,4,60,4,61,3,63,1,64,14,65,3,66,7","interested,8,1,55,1,64,1","interests,9,1,53,1,34,1,38,1,47,1,49,1,50,2,54,2,55,2,58,1,62,1,61,1,64,1,65,1,66,6","interference,59,1","interim,63,1,66,15","interior,61,1","internal,49,2,50,1,55,1,62,1,63,1","international,2,1,7,6,9,1,14,1,53,2,56,2,31,3,32,5,15,5,16,2,19,2,21,1,22,1,24,1,25,3,26,1,39,2,40,1,50,1,52,1,58,1,59,1,61,3,64,3,66,44,70,6,76,1,79,1,80,2","internationale,75,1,79,1,80,1,82,2,85,1,91,1,106,1,109,1,110,1,112,1","internationalem,80,1,81,1,85,1","internationalen,67,1,68,1,80,1,82,1,85,3,105,2,100,1,101,1,110,1","internationaler,91,1","internationales,104,1","internationalgesch,110,1","internet,63,2","interpretation,49,1","interpreters,66,1","intervene,66,4","intervention,53,1,56,1","interview,61,2,65,2","intricate,48,1","introduce,1,1,62,1","introduced,53,1,62,1,59,1,63,2,64,1","introduces,63,1","introducing,63,4","introduction,49,2","inv,16,1,79,1","inventions,66,1","inventory,54,1","invested,66,2","investigate,61,2,65,2","investigation,8,1,59,1","investigations,35,1","investing,62,1","investition,94,1","investitionen,68,1,73,1,95,1,92,1,93,1,94,2,80,1,81,1,82,1,83,1,84,1,85,2,86,1,87,1,88,1,89,1,90,1,91,1,96,1,97,1,98,1,99,1,101,1,114,1","investment,5,1,11,1,56,3,31,1,32,1,33,1,34,1,15,1,18,1,26,1,29,1,30,1,35,1,36,1,37,1,38,1,39,1,40,1,41,1,42,1,43,3,44,1,45,1,46,1,47,1,48,1,50,1,62,1,63,2","investments,53,1,32,1,50,1,54,3,58,1","investor,61,1,65,1","investoren,94,1,80,1,83,1,88,1,97,1","investors,53,1,15,1,29,1,43,1,44,1,61,1,64,2,65,1","invitation,9,1","invited,53,1","inviting,59,1","invoice,53,1,58,1","invoices,53,2,50,1","invoke,66,1","invoked,58,1","involuntary,61,1,65,1","involve,56,1,44,1,59,1,60,1,61,2,65,2","involved,1,1,56,2,32,2,26,1,30,1,35,1,37,2,60,2,61,4,65,2","involves,34,1,29,1,41,2,45,1,47,1,61,1,65,1","involving,32,1,33,1,16,1,57,1,61,1,64,1,65,1","ioana,66,6","ip,45,2","ipso,66,1","irregularities,57,1,60,3","irrelevant,66,1","irrespective,8,1","irresponsibility,61,1,65,1","irrevocable,53,1,59,1","irrevocably,9,1","isc,53,3,62,3","ische,96,1","isches,112,1","ispas,4,1,11,1,14,1,17,1,18,1,19,1,20,1,21,1,22,1,23,1,24,1,25,2,27,1,28,1,69,1,73,1,76,1,104,1,105,1,106,1,107,1,108,1,100,1,102,1,103,1,109,1,110,2,111,1,112,1,113,1","issuance,56,3,49,3,50,1,51,1,52,3,54,1,55,1,57,2,60,6,61,7,65,6","issue,7,14,53,6,56,6,30,1,45,1,49,4,50,3,51,3,52,3,54,3,55,3,57,4,58,3,62,3,59,8,60,4,61,2,63,4,65,2,66,3,70,14","issued,53,2,56,3,49,1,50,2,51,3,52,3,54,5,55,6,57,1,58,4,62,2,59,3,60,3,61,10,63,3,64,4,65,8","issues,2,1,32,1,26,1,40,1,42,3,59,2,61,6,64,1,65,5,66,3","issuing,41,1,52,1,54,1,59,1,60,3,61,4,63,1,64,2,65,5","ist,10,3,67,4,75,2,72,2,78,1,95,1,104,2,80,4,84,2,85,1,89,2,91,1,96,1,105,2,106,4,107,2,108,2,99,1,100,2,101,1,102,6,103,4,109,2,110,4,112,3,114,1","italian,19,1,61,1,65,1,66,1,76,1","italienisch,104,1,112,1","italy,16,1,79,1","item,51,2","items,61,1,65,1","itochu,16,1,79,1","its,8,1,9,2,53,3,56,6,30,1,36,1,37,1,38,2,43,1,50,1,51,2,52,1,55,5,57,8,58,1,62,5,59,10,60,2,61,10,63,7,64,11,65,8,66,18","itself,42,1","iulia,4,1,11,1,14,1,17,1,18,1,19,1,20,1,21,1,22,1,23,1,24,1,25,5,27,1,28,1,69,1,73,1,76,1,104,1,105,1,106,1,107,1,108,1,100,1,102,1,103,1,109,1,110,5,111,1,112,1,113,1","iv,61,3,65,2,66,1","ivth,52,1","ized,57,1","ja,61,1","jahre,67,1,104,1,105,1,107,1,108,1,100,1,102,1,103,2,109,1,110,1,112,1","jahren,91,1","jahres,10,1","january,7,2,9,1,53,1,56,1,50,2,52,15,54,2,62,2,61,1,63,3,64,7,65,1,70,2","japan,16,1,79,1","jean,25,1,110,1","jede,10,1,75,2,82,1,86,1","jedem,92,1,86,1","jeden,92,1,86,1,98,1,114,1","jeder,67,1,75,1,72,3,78,1,84,1,85,1","jederzeit,75,3,78,1","jedes,95,1","jedoch,10,1,75,2","jedwelche,75,1","jeglicher,75,3","jemanden,75,1","johnson,66,1","join,1,1","joining,56,3","joint,32,1,51,1,52,2,55,1,57,4,62,1,61,6,65,5,66,3","jointly,59,1,61,1,65,1","jones,66,1","journal,53,1,51,2","judge,19,1,57,1,60,4,63,2,66,6","judged,53,1","judges,63,1,66,1","judgment,66,4","judicata,66,1","judicial,51,1,62,1,61,4,63,10,64,1,65,4","judiciary,47,1,62,1,66,2","july,7,4,53,2,56,1,50,2,51,2,58,2,62,15,59,19,63,6,64,1,66,1,70,4","june,7,1,53,4,49,2,50,3,51,5,62,2,59,1,61,3,63,16,65,1,70,1","junge,72,1","junior,23,1","jurastudium,104,1,105,1,106,1,107,1,108,1,100,1,102,1,103,1,109,1,110,1,112,1","jure,63,1,66,1","juridical,56,5","jurisdiction,9,5,56,1,52,2,54,2,60,2,64,2,66,10","jurisdictional,66,1","jurisdictions,32,1,15,1,46,1,48,1,64,1,66,1","jurisdiktionen,98,1","juristische,96,1","juristischen,75,1,108,1","justice,19,1,27,1,54,2,61,1,65,1,66,1","justified,57,1,59,2,66,2","justifying,54,1,62,1","justizministerium,111,1","kandidatin,104,1,106,1","kann,75,5,114,1","kanzlei,10,2,67,1,75,1,68,2,72,5,95,1,92,2,93,2,80,1,82,1,83,2,84,1,86,1,88,1,90,1,91,1,99,1,101,3,114,1","kapital,83,4","kapitalm,104,1,83,1","kapitalmarkt,83,2","kapitalmärkte,68,1,73,1,95,1,92,1,93,1,94,1,81,1,82,1,83,1,84,1,85,1,86,1,87,1,88,1,89,1,90,1,91,1,96,1,97,1,98,1,99,1,101,1,114,1","karimsyah,66,1","karriere,67,1,72,4","kartellrechtliche,92,1","kauf,86,1","kaufpr,96,1","kauftransaktionen,86,1","kaufvertr,85,1","kawecki,61,1","keeping,34,1,51,1","keeps,51,1","kein,75,2","keine,75,7,78,2","keinem,75,1","keinen,75,1","keinerlei,75,1","kennt,92,1","kenntnisse,95,1,100,1,111,1","kennzeichnung,75,1","kennzeichnungen,75,1","kept,50,1,54,1,57,1,58,1","kern,101,1","kernwerte,67,1","key,32,1,39,1","kierkegaard,61,1,66,1","kinanis,61,1","kind,1,1,7,4,54,1,61,8,64,2,70,4","kingspan,16,1,79,1","klaren,85,1","klavins,61,1","klienten,95,1,83,1,85,3","klima,84,1","know,45,1,101,1","knowledge,32,1,38,1,52,1,57,1,61,1,65,1,66,2","known,57,1,61,2,65,2","kollegen,78,1","kollektion,80,1","kommerziellen,75,1","kommunikation,75,1","kommunikationen,75,1","kommunikationsf,72,1","kommunikationstechnologie,67,1","kommunistischen,96,1","kommunitarrechtes,104,1","komparatives,105,1","kompass,15,1,16,1,79,1,80,1","komplettes,101,1","komplexe,97,1","komplexen,85,1","komplexer,79,1,83,1,99,1","kompromisse,78,1","konecná,61,1","konflikt,75,1","konkurrenzrechts,86,1","konkurs,85,1,114,5","konkursverfahren,68,1,73,1,95,1,92,1,93,1,94,1,81,1,82,1,83,1,84,1,85,1,86,1,87,1,88,1,89,1,90,1,91,1,96,1,97,1,98,1,99,1,101,1,114,3","konkursverfahrens,114,1","konkursverwaltern,114,1","konnten,114,1","konsolidierung,86,1","kontakt,73,1,74,4,114,1","kontaktiert,75,1","kontaktinformation,75,1","konzentration,95,1","konzentrieren,67,1,95,1","konzept,84,1","konzern,16,1,79,1","konzipiert,85,1","kooperation,106,1,109,1,110,1,112,1","koordinierung,80,1","kopien,75,1","kopieren,75,2","kopierte,75,1","kopierten,75,1","korporative,68,1","kosten,78,2,95,1,84,1","kosteneffiziente,78,2","kostenerfassung,67,1","kreditgeber,82,2","kreditpriorit,82,1","kreditprogrammen,82,1","kreditvergabe,82,1","kroatien,80,1","kunden,78,1,82,1","kurs,104,1","kurses,110,1","kyoto,61,1","kyriakides,66,1","labor,5,1,56,1,17,1,18,1,20,1,21,1,23,1,25,1,27,1,51,2,52,4,54,8,55,1,57,1,58,1,62,2,59,4,63,16,65,1,76,1","labour,5,1,11,1,31,1,32,1,33,1,34,1,17,1,22,1,26,1,29,1,30,2,35,1,36,1,37,1,38,1,39,1,40,1,41,1,42,12,43,1,44,1,45,1,46,1,47,2,48,1,61,1,64,2,66,2","lachenal,61,1","lack,61,3,65,3,66,3","lacking,61,1,65,1","lacks,66,1","laden,75,2","lage,80,1,82,1","lambadarios,61,1","land,53,1,56,12,50,4,51,1,58,1,61,5,64,2,65,6","landa,66,1","landlord,61,1,65,1","langfristig,84,1,86,1,114,1","langfristigen,84,1,85,1","langfristiges,86,1","language,8,1,66,2","large,12,1,53,1,26,1,35,1,44,1,60,4,61,2,65,2","last,39,1,64,2","latest,63,1","latter,58,1,61,2,65,2","laufbahn,72,1","laufenden,80,1","laurentiu,4,1,11,1,14,6,17,1,18,1,19,1,20,1,21,1,22,1,23,1,24,1,25,1,27,1,28,1,69,1,73,1,76,1,104,1,105,1,106,1,107,1,108,1,100,6,102,1,103,1,109,1,110,1,111,1,112,1,113,1","law,1,6,2,5,3,4,4,4,5,8,6,4,7,6,8,6,9,7,10,4,11,6,12,4,13,4,14,8,53,34,56,53,31,8,32,7,33,6,34,6,15,9,16,4,17,12,18,11,19,7,20,8,21,6,22,9,23,9,24,9,25,8,26,10,27,7,28,8,29,6,30,6,35,7,36,6,37,6,38,7,39,6,40,6,41,6,42,8,43,7,44,6,45,6,46,6,47,7,48,6,49,11,50,7,51,33,52,13,54,25,55,17,57,27,58,17,62,38,59,39,60,18,61,63,63,65,64,26,67,4,75,4,65,50,66,80,68,4,69,4,70,6,71,4,72,4,73,4,74,4,78,4,76,13,77,4,95,4,104,4,92,4,93,4,94,4,79,4,80,5,81,4,82,4,83,4,84,4,85,4,86,4,87,4,88,4,89,4,90,4,91,4,96,4,97,4,105,4,106,4,107,4,108,4,98,4,99,4,100,4,101,4,102,4,103,4,109,4,110,4,111,4,112,4,113,4,114,4","lawful,61,3,65,3","lawin,61,3","laws,9,3,42,1,52,1,62,2,61,8,65,2,66,10","lawsuit,51,1,66,1","lawyer,8,3,52,11,63,4","lawyers,2,2,4,10,8,2,11,1,12,1,14,1,53,1,56,1,31,1,34,1,16,1,17,1,18,1,19,1,20,1,22,1,23,1,25,1,37,1,46,1,49,1,50,1,51,1,52,5,54,1,55,1,57,2,58,1,62,1,59,1,60,1,61,3,63,5,64,6,65,3,66,6","layer,61,1","lead,53,2,56,1,38,1,49,1,50,1,51,1,52,1,54,1,55,1,57,1,58,1,62,1,59,1,60,1,61,3,63,1,65,3,66,1","leading,2,2,4,1,15,1,49,10,64,2,66,2","leads,58,1","learning,55,2","leased,61,2","leasing,53,9,32,1,85,1","least,56,4,49,3,50,1,51,1,54,4,58,1,62,4,63,2,64,4,66,2","leaving,9,1,49,1","lebenslau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0,1","pro,64,1,65,1","probandi,66,1","problem,2,2,8,1,34,1,75,1,95,1","problematik,101,1","problematischen,99,1","probleme,67,1,92,1,93,1,81,1,99,1","problemen,67,1,72,1,82,1,85,1,86,1","problems,38,1,61,1,65,1","procedural,66,11","procedure,53,15,56,2,17,1,38,1,47,1,49,4,51,1,52,6,55,2,57,4,58,4,62,6,60,9,61,8,63,13,65,7,66,34","procedures,8,1,49,2,50,2,57,1,62,1,61,1,64,1,66,2","proceed,53,1,56,1,49,1,50,1,51,1,52,1,54,1,55,1,57,1,58,1,62,1,59,1,60,1,63,2","proceeding,66,1","proceedings,61,2,65,1,66,39","process,30,1,37,1,55,1,57,1,59,2,61,2,65,2","processed,56,1","processing,56,5,51,4,55,2,57,2,61,2,65,2","procurement,5,1,49,2,64,1,66,1","produce,66,4","producers,63,4","product,56,2,55,2,57,7,64,1","production,39,1,51,1,57,3,59,1,61,1,64,1,65,1,66,1","productions,59,2","products,9,1,56,11,39,1,50,2,52,1,55,12,57,5,58,1,62,8,61,1,63,9,64,2,65,1","produkte,91,1","produkten,75,1","produktions,91,1","prof,55,1","profession,2,1,8,1,52,8,57,1,59,3,63,6","professional,2,2,4,1,8,1,9,1,11,1,12,1,53,1,56,1,34,2,15,8,16,1,17,1,38,1,52,3,54,1,55,8,57,3,59,1,61,1,63,2,65,1,66,1","professionals,12,2,56,1","professionelle,67,1,73,1,78,1,79,1,80,6,84,2,95,1","professionelles,69,1","professions,52,7","professor,14,1","proficiency,2,1","profit,53,4,56,1,54,4,55,3,58,3,62,1,60,1,61,1,64,17,65,1,66,1","profitable,43,1,94,1","profits,64,10","program,52,3,57,5,59,5,60,9,61,3,65,4,66,1","programm,102,1","programme,18,1,61,2,65,1","programmes,61,2,64,1","programs,53,1,56,1,31,1,50,1,61,3,65,4","progress,66,1","progressive,53,1,61,1","prohibition,61,3","prohibitions,63,1","project,5,2,11,1,31,2,32,1,33,1,34,1,14,1,18,1,19,1,26,1,29,1,30,1,35,1,36,3,37,1,38,1,39,1,40,1,41,1,42,1,43,1,44,1,45,1,46,1,47,1,48,1,54,1,61,5,64,2,65,5,66,2","projects,16,1,17,1,20,1,44,2,61,3,65,2,76,1","projekte,79,1","projekten,100,1,112,1","projektentwickler,87,1","projektfinanzierung,68,2,73,1,94,1,104,1,92,1,93,1,81,1,82,2,83,1,84,1,85,1,86,1,87,2,88,1,89,1,90,1,91,1,95,1,96,1,97,1,98,1,99,1,101,1,102,1,114,1","prolong,66,1","prolongation,61,1,65,1","promissory,49,2","promotion,56,1,32,1,51,1,52,1","promptly,61,1","proof,56,1,57,1,58,1,66,2","proper,34,1,43,1,62,1,61,2,65,2,66,1","properly,62,1","properties,49,1,50,1,62,1","property,5,2,9,1,53,1,56,3,31,2,32,1,33,1,34,1,18,2,19,1,26,3,27,1,29,1,30,1,35,2,36,1,37,1,38,1,39,1,40,1,41,2,42,2,43,1,44,1,45,2,46,1,47,1,48,1,49,1,61,1,63,2,64,7,65,1,66,4","prosecuted,61,1","prosecution,66,1","prospective,61,3,65,3","protect,9,1,12,1,32,1,59,1,61,1,65,1","protected,56,1,66,2","protection,56,5,32,1,20,2,45,1,49,5,51,1,52,4,55,2,57,6,62,7,59,9,60,4,61,28,63,6,64,1,65,5,66,1","protective,56,1","protocol,61,1","proud,2,1","prove,33,1,61,1,65,1","proved,47,1,59,1,61,3,65,3","proven,2,1","proves,48,1,61,1,65,1,66,2","provide,2,1,9,3,53,2,56,1,34,1,15,2,29,1,36,1,37,1,40,1,50,1,57,2,58,2,62,1,61,3,63,1,65,3,66,10","provided,2,1,9,10,12,2,53,6,56,10,44,1,49,2,50,3,51,2,52,6,54,4,57,3,58,4,62,6,59,2,60,6,61,16,64,18,65,12,66,15","provider,56,3","providers,56,5,63,1","provides,5,1,56,3,20,1,22,1,25,1,41,1,52,1,54,1,57,1,58,3,62,2,59,8,60,5,61,3,63,6,64,10,65,3,66,7,76,1","providing,5,1,56,2,31,1,34,1,15,2,17,1,23,1,28,1,38,1,45,1,55,1,57,3,58,2,61,6,64,1,65,6,66,3","proving,2,1,66,1","provision,53,2,49,2,52,1,57,2,64,2","provisions,9,2,53,8,56,13,49,15,50,8,51,5,52,2,54,8,57,4,58,5,62,9,59,4,60,1,61,20,63,7,64,10,65,10,66,8","prozess,88,1","psychological,61,1,65,1","psychologie,104,1","psychology,19,1,66,1","psychotherapists,57,1","pub,53,4,55,4,56,4,50,4,51,4,52,4,54,4,57,4,58,4,62,4,59,4,60,4,63,4","public,5,2,9,1,12,2,53,20,55,13,56,23,33,2,30,2,40,1,49,1,50,23,51,11,52,6,54,3,57,5,58,8,62,7,59,18,60,1,61,12,63,10,64,3,65,6,66,8","publication,7,4,9,2,55,1,56,1,57,2,62,1,59,2,63,3,66,1","publications,11,1,56,2,15,1,17,1,18,1,23,1,66,1","publicitatepublica,51,1","publicity,56,3,59,2,63,1,64,1,66,2","public­private,53,1","publikationen,70,4,72,1,73,1,108,1,103,1","publish,9,1,49,1,51,1,58,1,59,2","published,7,4,53,13,55,5,56,17,49,9,50,9,51,11,52,6,54,8,57,5,58,12,62,11,59,14,60,7,61,13,63,19,64,2,65,1,66,1,70,4","publishing,27,1,51,1,62,2,61,1,63,1","punish,66,1","punished,52,1,59,1,61,1","punishment,63,1,65,1","punishments,63,8","punitive,9,1,66,4","pupil,55,1","purchase,53,1,32,1,49,2,50,3,61,3,64,1,65,3","purchased,58,1,64,5,66,1","purchaser,61,4,64,1,65,4","purchasing,59,1","purpose,53,1,55,3,56,12,49,1,50,2,51,2,52,1,54,2,57,3,58,3,62,5,59,6,60,4,61,8,63,5,64,2,65,5,66,2","purposes,9,3,56,3,50,1,62,1,59,2,64,3","pursuant,52,2,59,1,63,1,64,1","pursued,52,1","pursuing,61,1,65,1","pyrgou,61,1","qualification,55,1,63,1,66,3","qualifications,56,1","qualified,4,1,53,1,55,1,56,1,49,1,50,1,51,1,52,1,54,1,57,1,58,1,62,1,59,1,60,1,63,1,66,1","qualify,63,1,64,2,66,1","qualit,75,1","qualitative,78,1","quality,9,1,12,1,61,1","quantity,56,1","quarter,64,2","quarterly,64,2","question,61,2,64,2,66,1","questions,64,1,66,2","quite,61,1,65,1","race,33,1","radio,56,1,50,1,59,2,64,1","radioactive,61,2,65,2","rahmen,86,1","raidla,66,1","raised,49,2,66,1","range,5,1,32,1,35,1,62,1,64,1,66,1","ranging,53,1","rank,54,2","ranking,31,1","rapidly,2,1","rasmussen,64,1","rata,64,1,65,1","rate,53,5,55,4,56,5,49,8,50,5,51,4,52,4,54,6,58,9,62,4,60,4,64,33,66,3","rated,61,1,65,1","rates,56,1,39,1,41,1,49,4,64,9","rather,61,1,65,1","ratification,64,4","ratified,61,2,64,1,65,1,66,1","ratifying,56,3","ratio,58,1,64,3","raven,66,1","raw,31,1,57,1,58,1","raworth,64,1","raytheon,16,1,79,1","rde,92,1,87,1,101,1","rden,86,1,89,3,95,1,96,1,97,1,99,1","rderung,85,1","reach,49,2,66,3","reached,62,1,66,1","read,51,4","reader,7,1","readers,53,1,55,1,56,1,49,1,50,1,51,1,52,1,54,1,57,1,58,1,62,1,59,1,60,1,63,1","reading,8,1,64,2","real,5,2,11,1,12,1,53,2,56,11,31,2,32,1,33,1,34,1,14,1,17,1,19,1,20,1,21,2,23,1,25,1,26,2,28,1,29,1,30,1,35,1,36,1,37,1,38,1,39,1,40,1,41,9,42,1,43,1,44,2,45,1,46,1,47,1,48,1,49,2,50,6,51,2,58,4,62,1,59,2,61,2,63,3,64,5,65,2,66,3","reason,2,1,58,1,61,2,65,2,66,2","reasoning,8,1","reasons,66,5","receipt,53,1,54,1,57,1,60,1,61,1,65,1","receivable,66,5","receivables,53,1,32,1,62,1","receive,9,1,56,3,50,1,62,1,59,1","received,66,1","receives,56,1","receiving,53,1","recent,53,1,55,1,56,1,49,1,50,1,51,1,52,1,54,1,57,1,58,1,62,1,59,1,60,1,63,1,66,2","recht,75,1,92,1,105,1,101,1,112,1","rechte,75,1,84,1","rechtlich,107,1","rechtliche,72,2,75,6,82,1,83,1,85,2","rechtlichen,72,1,75,4,81,1,82,1,103,1","rechtlicher,75,1","rechts,80,1","rechtsamw,69,1","rechtsamwalte,69,4,73,1","rechtsanw,67,2,69,4,72,3,78,1,75,1,104,1,79,1,84,1,97,1,105,1,100,1,101,1,102,1","rechtsanwalt,72,2,75,3,102,1","rechtsanwaltes,72,1","rechtsanwaltsverbandes,107,1,108,1,109,1,110,1,112,1","rechtsberatung,68,1,72,1,75,2,94,1,79,1,80,1,101,1","rechtsberatungen,67,1","rechtsbereich,103,1","rechtsbereichen,94,1,80,1,114,1","rechtsfakult,105,1,106,1,103,1","rechtsgesch,10,1","rechtslinien,72,1","rechtsproblemen,72,1","rechtspublikationen,102,1","rechtssprechung,75,3,85,1","rechtsstreitigkeiten,72,1,104,1,95,1,106,1,102,1,103,1","rechtsuniversit,106,1,102,1,109,1,112,1","rechtswesens,100,1","rechtswissenschaft,104,2,105,1,106,1,100,1,102,1","rechtswissenschaften,108,1,109,1,110,1,111,1,112,1","rechtzeitig,69,1","rechtzeitige,67,1","rechtzeitigen,78,1","recipient,61,4,65,4","reciprocity,66,3","recognised,66,1","recognition,56,1,57,1,66,6","recognized,55,1,56,2,35,1","recommended,1,1,10,1","recommends,16,1","reconsider,56,1","reconsideration,56,1","reconsidered,52,1","reconstitutes,59,1","record,56,1,51,1,59,3,63,3","recorded,61,1,65,1,66,1","recording,56,1,51,2","recordings,59,1","records,56,3,41,1,50,1,59,1,61,2,63,2,64,1,65,2","recourse,63,1","recover,64,1,66,1","recoverable,64,1","recovered,66,1","recovering,61,1,65,1","recovery,53,9,32,1,64,1,65,1,66,1","recruitment,12,1","rectification,66,1","recyclable,61,2,65,2","recycling,22,1,61,1,64,1","redenominated,59,1","redenomination,53,2,50,1,59,1","reduce,52,1","reduced,64,4,66,1","reducing,48,1","reduction,53,1,61,1,65,1","reductions,64,2","refer,53,1,50,1,58,1,66,2","reference,53,3,55,3,56,3,32,1,49,3,50,3,51,3,52,3,54,4,58,3,62,3,60,3,64,4","referred,66,3","referring,52,1,54,1,63,1","refers,54,1,61,1,65,1","refineries,61,1,65,1","reflect,56,1,64,1","reflecting,57,1","refrain,9,1","refugees,19,2,60,1,66,2","refundable,53,2","refusal,60,2,66,3","refuse,57,1,66,2","refuses,66,1","regard,30,1,54,1,63,1,64,1,66,3","regarded,29,1,64,2","regarding,9,2,53,20,55,8,56,26,34,1,29,1,36,1,49,22,50,17,51,14,52,14,54,15,57,12,58,10,62,25,59,23,60,10,61,12,63,34,64,5,65,7,66,12","regardless,9,1,56,2,57,1,62,1,61,1,64,5,65,1","regards,53,1,56,2,33,1,49,1,50,2,54,3,57,1,59,1,66,3","regeln,86,1","regelungsbeh,89,1","regelungsbehörden,68,1,73,1,94,1,92,1,93,1,81,1,82,1,83,1,84,1,85,1,86,1,87,1,88,1,89,1,90,1,91,1,95,1,96,1,97,1,98,1,99,1,101,1,114,1","regierungs,68,1,73,1,94,1,92,1,93,1,81,1,82,1,83,1,84,1,85,1,86,1,87,1,88,1,89,2,90,1,91,1,95,1,96,1,97,1,98,1,99,1,101,1,114,1","regies,53,1,52,1,59,2","regime,55,1,56,6,33,1,41,2,49,4,52,1,54,1,62,3,60,2,63,4,64,3","regimes,96,1","region,15,1","regional,49,1,57,1,61,2","regionalen,67,1","regionen,80,1","regions,61,1","register,9,1,55,1,56,5,49,1,51,9,54,4,57,2,58,4,62,1,59,1,61,1,63,8,64,1","registered,53,1,55,1,56,3,18,1,49,1,50,1,51,2,52,1,54,3,57,3,58,5,62,2,59,2,60,3,63,3","registering,58,1","registers,53,1,56,1,57,1","registrar,56,2","registration,56,7,30,1,45,1,49,2,54,2,57,7,58,3,62,4,59,1,60,11,63,3,64,3,66,1","registrations,51,1,60,3,63,1","registrieren,75,2","registry,58,1,62,1,59,3,60,8,61,1,64,1","regular,17,1,23,1,57,1,58,1,62,1,61,3,64,8,65,3","regulated,52,1,62,1,61,2,63,2,65,2","regulates,54,1","regulation,49,5,50,8,51,4,59,2,61,2,63,1","regulations,31,2,26,1,48,1,49,1,52,2,58,3,62,5,59,1,61,6,63,6,64,1,65,1,66,1","regulator,61,27,65,27","regulatorescheangelegenheiten,104,1","regulators,61,5,65,5","regulatory,5,1,11,1,31,1,32,1,33,2,34,1,19,1,26,1,29,1,30,3,35,3,36,1,37,1,38,1,39,1,40,2,41,1,42,1,43,1,44,2,45,2,46,1,47,1,48,1,59,2,61,3,64,1,65,2,66,1","rehabilitation,31,1,61,2,65,2","reimbursable,58,1","reimburse,63,1","reimbursed,64,1","reimbursement,56,1,58,1,61,1,64,3,65,1","reimbursements,56,1","reinsurance,53,2,52,1,57,7,64,1","reinvested,60,1,64,1","reinvestment,64,1","rejection,61,1,65,1","rejects,63,1","related,5,1,53,2,56,3,32,1,14,1,15,1,19,1,30,1,34,1,50,3,52,2,59,1,61,1,63,1,64,8,65,1,66,4","relation,59,1,61,1,65,1","relations,30,1,49,1,59,1,60,1,66,1","relationship,9,4,12,1,32,1,25,1,40,1,44,1,46,1,48,1,54,1,58,1,61,1,64,2,65,1,66,3","relationships,56,1,15,2,42,1,47,1,49,1,62,1,63,1,66,2","relatives,66,1","release,53,1,50,3,54,1","relevant,8,1,53,3,55,2,56,2,31,1,33,1,30,2,41,1,42,1,49,1,54,1,57,2,59,1,61,1,64,3,65,1,66,2","relevanten,72,1","reliable,27,1,47,1","relied,9,1,66,1","relief,61,3,64,3,65,1,66,17","reluctant,61,2,65,2","rely,61,1","relying,9,1","remain,53,1,64,1","remains,53,2","remediation,61,4,65,1","remedies,66,1","remedy,57,1,60,2,61,2,65,3,66,1","remote,50,1","removal,53,1,56,3","remus,4,1,11,1,14,1,17,1,18,1,19,1,20,1,21,1,22,5,23,1,24,1,25,1,27,1,28,1,64,6,69,1,73,1,76,1,104,1,105,6,106,1,107,1,108,1,100,1,102,1,103,1,109,1,110,1,111,1,112,1,113,1","ren,75,2,84,1","render,56,1,66,1","rendered,56,1,54,1,64,2,66,10","rendering,56,1,15,1,54,1,66,3","renders,51,1","renegotiated,54,1","renovation,62,1","rent,60,2","reorganization,53,1,37,1,51,1,63,4","repair,61,1,65,1","repairing,61,1,65,1","repatri,49,1","repatriation,49,1","repealed,53,1,50,2","repeated,37,1","replaced,59,1,63,2","replaces,51,1","report,12,1,41,1,54,1,58,2,62,2,61,4,65,4","reported,58,1,61,1,65,1","reporting,56,1,48,1,58,1,62,3,61,1,64,2,65,1","reports,62,6,59,1,61,1,64,1,65,1","represent,9,1,55,2,38,2,50,1,52,1,58,1","representation,9,2,32,1,33,1,35,1,49,1","representations,9,1","representative,54,3,59,1,64,1","representatives,57,1,62,2,61,2,65,2,66,4","represented,35,1,62,1,66,1","representing,14,1,19,1,49,1,50,1,52,1,54,1,62,2,61,1,66,1","represents,9,2,53,1,34,1,51,1,52,2,54,1,62,1,66,4","reproduced,7,4,53,1,55,1,56,1,49,1,50,1,51,1,52,1,54,1,57,1,58,1,62,1,59,1,60,1,61,8,63,1,70,4","republic,56,2,15,1","republished,56,1,52,6,57,1,59,4,61,1,63,3,65,1","reputable,15,2","request,9,1,53,1,56,5,49,3,51,1,52,1,57,4,59,1,60,4,61,1,63,1,65,1,66,24","requested,53,1,56,2,51,1,61,1,66,2","requesting,66,1","requests,66,2","require,7,1,9,1,56,1,36,1,39,1,59,2,61,8,65,8","required,2,1,9,1,56,1,49,2,51,1,52,2,57,1,62,1,59,2,60,3,61,10,65,9,66,3","requirement,51,1,58,1","requirements,2,1,51,1,59,1,61,6,65,6,66,5","requires,30,1,38,1,43,1,47,1,61,2,64,1,65,1","requiring,60,2,61,1,65,1","res,64,1,66,1","resale,56,1,64,3","rescheduling,62,1","research,8,1,55,1,41,1,45,1,52,1","resells,64,1","resemblance,56,1","reservation,52,1,61,2,66,2","reservations,66,1","reserve,9,1,64,2","reserved,1,1,2,1,3,1,4,1,5,1,6,1,7,1,8,1,9,1,10,1,11,1,12,1,13,1,31,1,32,1,33,1,14,1,15,1,16,1,17,1,18,1,19,1,20,1,21,1,22,1,23,1,24,1,25,1,26,1,27,1,28,1,29,1,30,1,34,1,35,1,36,1,37,1,38,1,39,1,40,1,41,1,42,1,43,1,44,1,45,1,46,1,47,1,48,1,67,1,68,1,69,1,70,1,71,1,72,1,73,1,74,1,78,1,75,1,76,1,77,1,94,1,104,1,92,1,93,1,79,1,80,1,81,1,82,1,83,1,84,1,85,1,86,1,87,1,88,1,89,1,90,1,91,1,95,1,96,1,97,1,105,1,106,1,107,1,108,1,98,1,99,1,100,1,101,1,102,1,103,1,109,1,110,1,111,1,112,1,113,1,114,1","reserves,49,1,64,1","reside,56,1","residence,56,9,49,2,54,4,57,2,63,1,64,3","residency,54,1","resident,56,1,49,5,54,2,64,9","residents,56,3,49,15,50,3,54,2,62,6,64,4","resides,49,1","residual,61,1,65,1","resolution,1,1,5,1,8,1,10,1,11,1,53,1,56,2,31,1,32,1,33,1,19,1,26,1,29,1,30,1,34,1,35,1,36,1,37,1,38,2,39,1,40,1,41,1,42,1,43,1,44,1,45,1,46,1,47,1,48,1,50,12,54,3,58,1,62,1,60,1,63,2,66,1","resolutions,53,1","resolve,51,1","resolved,63,1","resolves,56,1,57,1","resort,64,1,66,4","resourceful,16,1","resources,5,1,8,1,11,1,56,1,31,1,32,1,33,1,19,1,26,1,29,1,30,1,34,1,35,1,36,1,37,5,38,1,39,1,40,1,41,1,42,1,43,1,44,1,45,1,46,1,47,1,48,1,52,1,62,1,59,2,61,1,65,1,66,1","respect,9,1,12,1,53,1,57,1,61,9,64,3,65,2,66,2","respective,51,1,54,2,57,1","respectively,55,2,56,1,50,2,52,1,54,1,57,1,58,2,66,1","respekt,78,1","respondent,66,11","respondents,66,2","response,61,1,65,1","responsibilities,62,1","responsibility,9,1,51,1,61,3,65,2","responsible,62,1,61,6,65,4,66,1","restate,52,1","restitution,21,1","restitutionsanspr,106,1","restoration,60,1","restored,50,1","restrict,9,1,64,1","restricted,9,1,64,1","restriction,66,1","restrictions,49,1,50,2,64,3","restrictive,35,1","restructuring,5,1,11,1,53,7,31,1,32,1,33,1,26,1,29,1,30,1,34,1,35,1,36,2,37,3,38,1,39,1,40,1,41,1,42,1,43,1,44,1,45,1,46,1,47,3,48,1,64,1","restructurings,22,1,64,1","rests,61,2,65,2","result,2,1,53,1,56,3,33,1,51,1,59,1,60,1,61,2,64,2,65,2,66,2","resulted,49,1,59,1","resulting,56,1,64,1","results,9,1,33,1,34,1,57,1,63,1","resume,8,1","retail,60,9","retain,61,1,65,1","retained,64,2","retention,49,1","retirement,56,2","retiring,62,1","return,9,1,53,1,56,1,41,1","reveal,52,1","revenues,53,2,58,1,62,1,64,1","reverse,54,1,58,1","review,9,1,53,2,15,1,45,1,61,7,65,7","reviewing,9,2,52,1","reviews,8,1,15,1,17,1,18,1,23,1","rfen,75,2","rfnisse,68,1,78,1,84,1,85,1","rfnissen,91,1","rgen,82,1","richtet,101,1","richtige,84,1,99,1","richtungen,94,1","rigen,78,1","right,9,1,53,4,56,8,34,1,36,1,38,1,47,1,48,1,49,1,50,1,54,1,57,3,62,3,59,9,61,5,63,1,64,1,65,5,66,13","rights,1,1,2,1,3,1,4,1,5,1,6,1,7,1,8,1,9,3,10,1,11,1,12,1,13,1,53,4,56,2,31,1,32,1,33,1,14,1,15,1,16,1,17,1,18,1,19,3,20,1,21,1,22,1,23,1,24,1,25,1,26,1,27,1,28,1,29,1,30,1,34,2,35,1,36,1,37,1,38,1,39,1,40,1,41,1,42,1,43,1,44,1,45,2,46,1,47,1,48,1,50,2,51,1,54,2,57,2,59,2,61,2,63,9,67,1,65,2,66,6,68,1,69,1,70,1,71,1,72,1,73,1,74,1,78,1,75,1,76,1,77,1,94,1,104,1,92,1,93,1,79,1,80,1,81,1,82,1,83,1,84,1,85,1,86,1,87,1,88,1,89,1,90,1,91,1,95,1,96,1,97,1,105,1,106,1,107,1,108,1,98,1,99,1,100,1,101,1,102,1,103,1,109,1,110,1,111,1,112,1,113,1,114,1","ringe,61,1","rise,50,1","risiken,84,1,95,1,96,1","risiko,93,1","risk,52,1,61,4,65,3","risks,34,1,38,1,41,1,42,1,57,1,61,8,65,8","rivers,61,1,65,1","rkte,104,1,83,1","road,36,1","robe,59,1","robinson,64,1","rohstoffen,82,1","rol,53,28,56,1,49,10,50,4,51,2,52,5,54,20,58,15,62,2,59,11,60,3,61,2,63,3,64,3,65,2,66,1","role,45,1,46,1,61,1,65,1","rolle,98,1","romana,16,1,79,1","romania,2,1,4,1,6,1,7,4,8,1,9,1,53,6,55,6,56,32,15,1,16,1,18,1,27,1,36,1,37,1,39,1,49,19,50,9,51,6,52,8,54,13,57,9,58,12,62,8,59,11,60,8,61,34,63,6,64,43,65,27,66,38,70,4,75,1,80,1","romanian,1,1,2,1,4,1,9,3,53,4,55,2,56,8,31,1,33,1,14,4,17,2,18,2,19,3,20,1,21,1,22,1,23,1,24,3,25,2,27,1,28,1,29,1,34,1,35,1,37,1,39,1,41,1,43,1,46,1,49,6,50,4,51,9,52,1,54,2,57,3,58,3,62,6,59,2,60,1,61,21,63,4,64,19,65,20,66,33,76,3","romtehnica,16,1,79,1","ron,50,7,51,6","roprojekte,97,1","roschier,61,1,64,1,66,1","rowe,61,1,64,1","royalties,64,4","royster,61,1","rsenmakler,78,1","rsenmarkt,84,1","rsennotierte,84,1","rsennotierten,83,1","rternden,81,1","rtig,97,1","rtlichen,87,1","rule,53,5,49,6,51,1,61,1,64,5,66,15","ruled,53,1","rules,9,1,53,2,55,2,56,10,32,1,30,1,37,1,49,1,52,9,54,8,57,4,58,8,62,3,59,4,60,1,61,3,63,2,64,17,65,1,66,54","ruling,51,2,61,1,63,1,66,4","rum,10,1,67,2,69,2,72,1,74,1,75,2,94,1,104,1,92,1,79,1,82,1,83,1,84,1,87,1,88,3,89,1,91,2,96,1,105,1,106,1,107,2,108,2,98,1,100,3,102,3,103,2,109,2,110,3,112,3","rumaenisch,111,1","rumaenische,111,1","run,56,2,60,1","rung,75,1","running,50,1","runs,66,1","rural,57,2,61,1","russia,15,1","russian,4,1,61,2,64,2,65,2,66,1","russisch,69,1","russland,80,1","rv,22,4,105,4","rwe,16,1,79,1","rze,10,1","sachen,86,1","sachliche,72,1","safár,61,1","safe,63,1,64,1","safeguarding,45,1,47,1","safety,56,1,61,2,63,4,65,1","sagen,86,1","salans,64,1","salaries,53,1,58,2","salary,53,5,56,1,52,5,54,4,62,1,63,1","sale,9,1,56,1,32,2,49,2,50,4,52,3,58,2,59,2,60,16,61,2,63,2,64,1,65,2","salepurchase,54,1","sales,63,3","saloons,64,1","same,53,2,55,2,56,2,38,1,50,3,51,1,52,1,54,2,57,2,58,1,59,3,61,3,63,1,64,1,65,1,66,9","samples,61,2,65,2","sanction,49,1,61,1,65,1","sanctions,61,4,63,2,65,3","sanitary,55,3,57,1","sanitaryveterinary,57,1","sate,63,1","satisfactory,33,1","saved,56,2","savings,56,10","scale,35,1,54,3,61,2,65,2","sch,78,1,75,1,101,1","schaffung,86,1","schedule,52,1,54,2","scheme,62,2,61,2","schemes,47,2,62,6,61,1,64,1","schicken,72,1","schiedgerichtsverfahren,104,1","schiedsspruch,95,1","schiedsverfahren,68,1,73,1,94,1,92,1,93,1,81,1,82,1,83,1,84,1,85,1,86,1,87,1,88,1,89,1,90,1,91,1,95,2,96,1,97,1,98,1,99,1,101,1,114,1","schl,94,1,85,1","schleichwege,78,1","schlichtung,68,1,73,1,94,1,92,1,93,1,81,1,82,1,83,1,84,1,85,1,86,1,87,1,88,1,89,1,90,1,91,1,95,6,96,1,97,1,98,1,99,1,101,1,114,1","schlichtungen,95,1","schlie,91,1","schliesst,75,1","schlussgutachtens,96,1","schnelle,91,1","scholarship,55,6","scholarships,55,9","schon,85,1","school,56,1,14,2,17,2,18,2,19,1,20,1,21,1,22,1,23,1,24,2,25,1,27,1,28,1,58,2,61,3,64,2,65,3,66,2,76,2","schreiben,72,1","schriftliche,75,1","schriftliches,75,1","schuldenregulierung,85,1","schuldstaffelungspl,114,1","schutz,75,1,85,1,101,2,114,1","schwerindustrie,82,1","schwermaschinenbau,95,1","scientific,58,2","scope,52,1,54,1,62,1,64,1,66,1","screen,1,1,10,1","search,1,1,2,1,3,1,4,1,5,1,6,1,7,1,8,1,9,1,11,1,12,1,13,6,31,1,32,1,33,1,14,1,15,1,16,1,17,1,18,1,19,1,20,1,21,1,22,1,23,1,24,1,25,1,26,1,27,1,28,1,29,1,30,1,34,1,35,1,36,1,37,1,38,1,39,1,40,1,41,1,42,1,43,1,44,1,45,1,46,1,47,1,48,1,67,1,76,1,77,4","seat,66,4","second,56,1,54,1,57,1,60,2","secondary,57,2,62,1,60,2","secondly,61,1,65,1","secretarial,66,1","secretary,55,2,27,1,50,1,58,1","secrets,52,1","section,17,1,18,1,61,1,65,1,66,2","sections,9,2","sector,55,1,56,1,37,3,54,1,60,2,59,6,66,2","sectors,36,1,54,1,62,1","secure,9,1,56,2,43,1,49,1,66,1","secured,5,1,9,1,56,1,64,2,66,1","securing,45,1","securities,5,1,29,1,49,1,50,3,52,1,54,2,58,2,63,5,64,4,66,1","securitisation,5,1,11,1,31,1,32,1,33,1,26,2,29,1,30,1,34,1,35,1,36,1,37,1,38,1,39,1,40,1,41,1,42,1,43,1,44,1,45,1,46,1,47,1,48,1","security,9,1,53,2,55,1,56,10,31,3,26,3,52,2,57,1,58,2","see,61,2,64,2,66,2","seek,9,1,53,1,55,1,56,1,49,1,50,1,51,1,52,1,54,1,57,1,58,1,62,1,60,1,59,1,61,7,63,1,65,5,66,1","seeking,8,1,9,2,33,1,16,1","seeks,61,1,65,1","segregation,61,1,65,1","sehen,86,1","sehr,10,2,72,2,99,1","sein,75,1,105,1,99,1,100,1","seine,94,1,92,1,98,1","seinen,75,1","seiner,72,1,114,1","seit,104,1,105,1,103,2","seitdem,67,1","seizure,54,1,66,4","sektor,91,1","sektoren,86,1,87,1","select,66,3","selected,12,1,57,1","selecting,66,1","selection,66,3","selih,61,1","seller,61,6,65,6,66,1","selling,12,1","send,9,2,50,1,57,1","senden,75,2","sender,56,1","sending,8,1","senior,14,1,17,1,18,1,19,1,20,1,21,1,25,1,27,1,61,2,63,2,64,1,65,2,66,1,111,1","seniorenmitglied,103,1","seniormitglied,106,1,107,1,102,1,110,1","sensiblen,75,1","sensitive,9,1,66,1","sent,50,1,61,1","sentiert,75,1","separate,49,1,54,1,61,6,63,2,64,1,65,7,66,2","separately,57,1","september,7,4,55,2,49,1,51,1,54,1,58,2,60,12,70,4","serbia,15,1","serbien,80,1","series,15,1","serious,49,1,61,1,65,1","serve,32,1","served,14,1,19,1","server,9,1,75,1","serves,19,1,66,1","service,56,3,15,1","services,2,1,4,1,9,1,12,4,53,3,56,14,15,2,35,2,38,3,49,2,50,3,51,1,52,2,54,3,57,6,58,1,62,1,59,9,63,5,64,19,66,2","serving,63,6","session,59,1","set,5,1,12,1,53,1,55,1,49,1,50,2,54,1,62,2,59,2,63,1,64,5,66,3","sets,50,4,51,1,52,1,54,1,62,1,59,1,63,3","setting,9,1","settle,66,3","settled,53,1,66,3","settlement,38,1,59,1,66,5","settling,50,2,66,1","setzen,10,1","setzt,114,1","severability,66,1","several,53,1,56,1,32,1,15,1,17,1,21,1,23,1,49,1,57,1,62,1,59,1,61,2,65,2,66,6,76,1","severe,57,1,63,1","severity,61,1,65,1","shall,1,2,9,5,53,38,55,18,56,56,32,1,49,9,50,31,51,13,52,15,54,20,57,20,58,25,62,2,60,31,59,29,61,20,63,10,64,35,65,13,66,37","share,53,4,56,1,38,1,45,1,51,8,54,1,58,1,62,1,60,1,59,3,61,3,63,1,64,4,65,3","shared,65,1","shareholder,51,3,57,2,59,1,64,2","shareholders,34,2,51,1,54,3,57,1,58,2,61,2,64,3,65,1","shareholding,57,1","shares,53,1,56,2,51,6,54,3,58,6,59,1,61,2,63,1,64,1,65,1","she,56,1,17,4,19,4,20,2,21,3,23,1,25,2,27,2,61,3,65,3,66,3,76,3","shearn,66,1","sheet,62,1,59,1,61,2,65,2","shelter,61,1,65,1","shelters,64,1","shift,64,1","shifting,66,1","shipment,61,1","shop,60,2","shopping,64,1","shops,60,1,64,1","shore,68,1,73,1,94,1,92,1,93,1,81,1,82,1,83,1,84,1,85,1,86,1,87,1,88,1,89,1,90,1,91,1,95,1,96,1,97,1,98,1,99,6,101,1,114,1","short,49,2","shortcuts,12,1","should,8,2,9,7,54,1,57,1,58,1,61,25,64,3,65,24,66,7","show,64,1","shown,64,2","shows,64,1","sich,10,1,67,1,72,1,75,8,93,1,89,1,95,1,99,1,114,1","sicher,75,1","sichere,94,1","sichergestellt,67,1","sicherheit,75,1","sicherheiten,81,1","sichern,75,1,101,1","sicherstellung,93,1","sichert,68,1,84,1","sicherung,68,1,73,1,94,1,92,1,93,1,81,2,82,1,83,1,84,1,85,1,86,1,87,1,88,1,89,1,90,1,91,1,95,1,96,1,97,1,98,1,99,1,101,1,114,1","sicherzustellen,97,1","sie,10,3,78,1,75,26,104,4,106,6,107,2,108,2,103,5,110,2,111,2,112,3","sight,64,1","sign,66,1","signature,52,1,66,1","signatures,66,3","signed,56,4,57,1,61,1,65,1,66,1","significance,59,1","significant,29,1,37,1,39,1,42,1,49,1,51,3,52,5,57,4,61,3,64,1,65,3,66,1","signing,56,1","signs,50,1,60,1","sika,16,1,79,1","silent,61,4,65,4","similar,52,1,54,1,57,1,64,2,66,2","simmons,61,2,66,2","simple,32,1,62,4,66,1","simplification,57,2,60,3","simplified,52,4,54,1,57,1,58,1","simultaneously,60,1","since,12,1,53,1,17,1,19,1,58,1,61,1,65,1,66,2","sincerely,1,1","sind,67,3,68,1,69,1,72,2,78,3,75,6,92,1,93,1,81,1,84,1,85,2,88,1,96,2,101,1","single,58,1","sinne,78,1","siqueiros,66,1","sisch,69,1,106,1,102,1,109,1,110,1,112,1","sischen,104,1,108,1,100,1,103,1,110,1,112,1","site,1,1,2,1,3,1,4,1,5,1,6,1,7,1,8,1,9,1,10,1,11,1,12,1,13,1,31,1,32,1,33,1,14,1,15,1,16,1,17,1,18,1,19,1,20,1,21,1,22,1,23,1,24,1,25,1,26,1,27,1,28,1,29,1,30,1,34,1,35,1,36,1,37,1,38,1,39,1,40,1,41,1,42,1,43,1,44,1,45,1,46,1,47,1,48,1,59,1,61,8,67,1,65,7,68,1,69,1,70,1,71,1,72,1,73,5,74,1,78,1,75,1,76,1,77,1,94,1,104,1,92,1,93,1,79,1,80,1,81,1,82,1,83,1,84,1,85,1,86,1,87,1,88,1,89,1,90,1,91,1,95,1,96,1,97,1,105,1,106,1,107,1,108,1,98,1,99,1,100,1,101,1,102,1,103,1,109,1,110,1,111,1,112,1,113,1,114,1","sited,66,2","sitemap,11,4","sites,61,2,65,2","situation,9,1,56,2,59,1,61,2,65,2,66,1","situations,56,2,58,1,60,2,59,1,66,1","six,53,1,56,1","size,53,1,54,1,57,2,58,3,60,4","sized,64,1,66,1","skadden,66,1","skills,8,1,57,1,66,1","slaidins,61,1","slate,66,1","slaughter,61,1,64,1","slovakia,15,1","slovenia,15,1","slowakei,80,1","slowenien,80,1","small,12,1,53,1,54,1,57,3,58,3,60,4,59,4,64,1,66,1","sme,57,1,59,6","smes,59,1","smith,64,1","smithfield,16,1,79,1","snack,50,1","socalled,64,1","social,55,1,19,1,49,1,52,2,54,1,57,3,56,9,58,3,62,2,60,2,61,3,63,2,66,1,65,3","society,56,2,61,1","sociology,19,1,66,1","software,9,1,53,6,39,2,63,3,91,1","softwarehersteller,91,1","soil,61,4,65,3","solch,88,1","solche,75,1","solchen,75,4,95,1","solcher,75,1,88,1,98,1","sold,61,1,65,1","sole,49,1,54,1,56,3,62,1,60,1,59,1,66,9","solely,9,2,53,1,55,1,49,1,50,1,51,1,52,1,54,1,57,1,56,1,58,1,62,1,60,1,59,1,61,1,63,1","solid,2,1,30,1,34,1","solidarity,55,1,52,1,58,1,63,1","solide,84,1","solides,67,1","sollen,75,3","sollte,72,1,78,1,75,1","sollten,10,1,75,3","soltysinski,61,1","solution,34,1,41,1,43,1,46,1,47,1,48,2","solutions,2,1,5,1,15,1,38,3,49,1,61,1","solve,49,1,66,1","solving,2,1,8,1,49,1,50,1,66,1","somehow,66,1","sometimes,45,1,48,1","sondern,67,2","soravia,16,1,79,1","sorbonne,24,1,76,1,109,1,112,1","sorgf,93,1,84,1","sorgfalt,95,1","sort,61,1,65,1","sought,61,1,66,1","sound,61,1","source,9,1,49,2,50,1,54,1,57,1,64,1","sources,53,2","sowie,10,1,78,1,92,1,80,2,84,1,86,1,91,1","sowohl,10,1,75,1,84,1,102,1","sozialarbeit,104,1","soziologie,104,1","space,49,1,57,1","spaces,50,1,59,3","spanisch,107,1","spanischen,110,1","spanish,20,1,25,1,28,1","spatarului,6,1,8,1,9,1,53,1,55,1,49,1,50,1,51,1,52,1,54,1,57,1,56,1,58,1,62,1,60,1,59,1,61,2,63,1,64,2,66,2,65,2,72,1,74,1,75,1","speaking,8,1","special,9,1,53,2,55,1,49,1,50,2,51,1,52,3,54,5,57,2,56,2,58,1,62,3,60,1,59,2,61,5,63,8,64,7,66,3,65,5","specialisation,66,1","specialise,66,1","specialised,61,2,66,1","specialist,52,1","specialized,17,1,18,1,52,1,57,1,60,1,64,1,66,1,65,1","specific,9,1,31,1,29,1,30,1,37,1,41,1,49,3,57,2,56,2,61,9,63,1,64,4,66,5,65,4","specifications,57,1","specifics,61,1,64,1,65,1","specified,56,1","specify,49,2","specifying,66,1","spectrum,36,1","speedy,66,1","speichern,75,2","spektrum,80,1","spektrums,87,1","spezialisiert,105,1,102,1","spezialisierung,83,1","speziell,75,1,97,1","spezielle,82,1","speziellen,86,1","spezifische,85,1","spezifischen,88,1,95,1","spezifisches,75,1","spielen,98,1","spirit,32,1","spitzenposition,67,1","split,64,1","splitting,62,1,61,1,65,1","sponsoring,56,1","sponsorship,53,1,56,4,59,3","sport,64,1","sports,59,1","spot,49,1,50,1","spouse,66,1","sprachkenntnisse,103,1,104,1,108,1,102,1,110,1,112,1","spread,54,1","sprechen,69,2,72,1","spricht,103,1,104,1,105,1,106,1,107,1,108,1,100,1,102,1,110,1,111,1,112,1","spuren,96,1","sqm,60,1","sse,85,1,89,1","ssel,85,1","sselelement,94,1","ssen,75,2","ssig,114,1","ssigen,96,1","ssigkeit,92,1","sst,67,1","staatliche,92,1,82,1","staatlichen,89,1,100,1","staatssekretaers,111,1","stabilen,86,1","stable,30,1","staehelin,64,1","staff,2,2,4,2","stage,57,1,63,1,66,1","stages,34,1","stahlabfallverwertung,105,1","stake,51,2,61,1,65,1","stamboli,4,1,11,1,14,1,17,1,18,1,19,1,20,1,21,2,22,1,23,1,24,1,25,1,27,1,28,1,69,1,73,1,76,1,103,1,104,1,105,1,106,2,107,1,108,1,100,1,102,1,109,1,110,1,111,1,112,1,113,1","stamp,53,1,59,1,61,1,64,4,65,1","stamps,50,1,59,1","stand,51,1,67,1","standard,2,1,57,1,58,1,61,1,64,2,65,1,67,1","standards,15,1,34,1,52,1,58,1,64,1,84,1","standpunkt,101,1","standpunkte,78,1","stands,45,1","starkes,99,1","start,57,1","starting,5,1,52,1,54,1,58,1,59,3,61,1,63,1,64,3,65,1","starts,60,1,66,1","state,2,1,12,1,53,5,31,1,33,1,14,1,27,1,35,1,37,1,50,8,51,2,54,3,57,7,56,16,58,5,62,2,59,2,61,4,63,3,64,10,66,3,65,4","stated,57,2,66,1","stateless,56,3,63,1","statement,55,1,49,1,58,1,64,1,66,2","statements,53,2,55,1,51,1,52,2,58,5,62,1","stateowned,59,1,61,1","states,53,1,57,3,56,8,64,3","stating,66,2","statistical,9,1","statistics,52,1,62,1,61,1,65,1","statistischen,75,1","status,31,1,57,1","statute,53,2,55,3,52,8,59,5","statutory,64,1","steel,22,1,61,1,64,1,66,1","stellen,93,1,81,1","stellt,75,3,82,1,84,2","stellungnahmen,67,1","steps,66,1","steuer,100,2","steuerbeh,99,1","steuergesetz,81,1","steuerlast,99,1","steuerrecht,109,1","steuerstruktur,86,1","steuerstrukturen,68,2,73,1,94,1,92,1,93,1,81,1,82,1,83,1,84,1,85,1,86,1,87,1,88,1,89,1,90,1,91,1,95,1,96,1,97,1,98,1,99,2,101,1,114,1","still,41,2,49,1,61,5,65,3","stimulation,59,1","stipulate,54,1","stipulated,50,1,54,2,61,1,65,1","stirling,66,1","stock,12,1,51,1,52,2,54,1,56,2,62,1,61,1,65,1","stockholding,64,2","stockholdings,64,1","stokes,66,1","stolz,67,1","storage,59,1,61,2,65,2","store,9,2,61,1,65,1","stored,56,1","stores,58,1","storing,61,2,65,2","str,72,1,74,1,75,1","strasbourg,22,1,64,1","strassburg,105,1","strategies,61,2,63,1","strategy,51,1,61,1","streben,78,1","street,8,1,53,1,55,1,49,1,50,1,51,1,52,1,54,1,57,1,56,1,58,1,62,1,60,1,59,1,61,2,63,1,64,2,66,1,65,2","streitf,95,1","streitfälle,68,1,73,1,94,1,92,1,93,1,81,1,82,1,83,1,84,1,85,1,86,1,87,1,88,1,89,1,90,1,91,1,95,1,96,1,97,1,98,1,99,1,101,1,114,1","streitigkeiten,68,2,72,1,73,1,94,1,92,1,93,1,81,1,82,1,83,1,84,4,85,1,86,1,87,1,88,1,89,1,90,2,91,1,95,3,96,1,97,1,98,1,99,1,101,1,114,1","streitverfahren,95,1","streitverfahrens,95,1","strict,66,1","strictly,52,1","strings,13,1","strive,12,1","strives,9,1","stroeter,61,1","strong,12,1,27,1,36,1,48,1,64,2","structure,30,2,34,4,46,1,49,1,60,4,64,1","structures,5,1,14,1,26,1,56,1,60,9,61,1,64,2,66,1,65,1","structuring,30,1,34,1,35,1,39,1","struktur,84,1","strukturen,81,1,100,1","strukturieren,98,1","strukturierung,92,1,84,1,86,1,91,1","student,55,1","students,58,1","studien,106,1","studienjahr,103,1","studies,55,1,21,3,25,1,56,1","studium,67,1,69,1","study,55,1","stuff,8,1","sub,50,1,62,1","subcontracted,57,1","subject,9,1,53,6,55,2,37,1,49,2,50,2,51,3,54,2,57,2,56,4,58,4,62,2,60,2,61,6,64,18,66,10,65,4","submission,53,1","submit,53,1,59,1,61,2,66,2,65,2","submits,54,1,66,1","submitted,53,2,49,1,52,1,54,2,58,1,61,5,64,1,66,1,65,5","submitting,9,1,35,1,50,1,66,1","subordinate,56,1","subordinated,50,2,61,1","subordination,59,1,61,2","subpoenaed,66,2","subscribed,54,1,64,1","subscriber,56,2","subscribers,56,1","subsequent,61,1,66,2,65,1","subsequently,61,4,64,3,65,3","subsidiaries,53,1,57,1","subsidiary,57,1,64,5","subsist,57,1","substance,62,1,61,2,66,1,65,2","substances,61,1,65,1","substantial,63,1","substantive,9,1,66,2","subtracted,64,1","subvention,60,1","successful,1,1,8,2,12,1,32,1,27,1,47,1","successfully,16,1,38,1","suchen,10,1,68,1,69,1,70,1,71,1,72,1,73,1,74,1,78,1,75,1,77,1,94,1,103,1,104,1,92,1,93,1,79,1,80,1,81,1,82,1,83,1,84,1,85,1,86,1,87,1,88,1,89,1,90,1,91,1,95,1,96,1,97,1,105,1,106,1,107,1,108,1,98,1,99,1,100,1,101,1,102,1,109,1,110,1,111,1,112,1,113,1,114,1","sucht,72,1,75,1","sued,61,1,65,1","suffered,53,1,61,2,65,2","suffering,53,1","suffers,1,1","sufficient,61,1,66,2,65,1","sui,63,1","suitability,49,1","suite,6,1,8,1,9,1,53,1,55,1,49,1,50,1,51,1,52,1,54,1,57,1,56,1,58,1,62,1,60,1,59,1,63,1,64,2,66,2,75,1","sum,53,2,54,1","summoned,66,3","summoning,66,1","sung,67,1,72,1,84,1,96,1,98,1,99,1","sungen,94,1,95,3,114,1","superior,62,4,59,1","supermarket,60,1","supervise,59,1,63,1","supervises,54,1,61,4","supervising,62,2,61,1","supervision,53,2,51,9,57,3,62,4,63,3","supervisory,57,3,62,1","supplement,63,1","supplemented,63,1","supplementing,53,1,49,1,50,1,51,2,52,1,54,1,57,2,56,5,58,3,62,1,59,1,63,1,66,1","supplied,56,1","supplier,56,2,58,1,64,1","suppliers,54,1,56,1,58,1","supply,57,4,56,1,64,2","supplying,59,1","support,55,1,15,1,58,2,66,1","supported,12,1,53,1,61,1,65,2","supporting,34,1,60,2,66,1","supportive,2,1,4,1","suppose,26,1","supra,66,3","supraarbitrator,66,1","surface,54,1","survey,60,1","surveys,63,1","survive,47,1","suspended,51,1,66,1","suspending,63,1","suspension,51,2,56,1,61,3,65,2","sustaining,66,1","swartling,64,1","sweets,56,1","swisspor,16,1,79,1","sworn,66,2","system,9,1,53,2,37,1,49,1,52,5,56,9,58,1,62,7,61,2,65,2,75,1,88,1","systems,56,1","szlezak,61,1","szlig,10,1,69,2,72,1,78,1,75,1,103,1,104,1,92,1,79,1,80,1,91,1,105,2,106,1,107,1,108,1,99,1,100,2,102,1,110,1,112,1","tabarta,61,3,64,3,65,3","taep,52,3","tag,78,2","tailored,32,1,39,1,61,1,65,1","take,5,1,56,3,59,1,61,4,63,1,64,2,66,7,65,3","taken,53,2,49,1,50,2,54,1,56,2,62,1,61,1,64,1,66,1,65,1","takeover,61,2,65,2","takeovers,29,1","takes,64,1,66,2","taking,2,1,53,1,55,2,49,1,50,1,51,1,52,1,54,1,57,1,56,1,58,1,62,1,60,1,59,1,61,2,63,1,65,1","targeted,61,1,65,1","tariff,51,5","tariffs,53,1,32,1,50,1,59,1,63,3","tarifverhandlungen,93,1","task,48,1","tasks,31,1","tatsache,80,1","tax,5,2,7,2,11,1,53,14,55,2,31,1,32,1,33,1,14,2,24,1,26,2,29,1,30,2,34,1,35,1,36,1,37,1,38,1,39,1,40,1,41,1,42,1,43,1,44,1,45,1,46,1,47,1,48,8,49,2,50,10,51,1,52,1,54,31,57,1,56,10,58,10,60,1,59,2,61,2,63,2,64,116,66,4,65,2,70,2","taxable,53,2,54,7,57,1,56,2,64,6","taxation,53,7,31,1,30,1,48,2,49,2,50,4,54,5,56,9,58,11,62,2,57,4,60,2,63,2,64,11,66,1","taxe,58,1","taxed,54,1","taxes,53,1,55,1,48,1,49,1,50,2,52,1,54,4,56,1,58,1,63,3,64,21","taxing,64,1","taxpayer,53,1,56,4,58,3,57,9,60,9,64,9","taxpayers,53,2,55,1,54,1,56,3,58,1,62,1,57,6,64,3","taylor,66,1","tbi,16,1,79,1","team,2,1,4,1,8,2,15,1,67,2,72,1","teambasis,80,1","teamf,67,1","teamwork,2,1,72,1","tech,16,1,79,1","technical,56,1,62,1,57,3","techniques,36,1","technological,58,1,57,2","technologietransfer,101,1","technology,2,1,5,1,11,1,12,1,53,2,31,1,32,1,33,1,26,1,29,1,30,1,34,1,35,1,36,1,37,1,38,1,39,3,40,1,41,1,42,1,43,1,44,1,45,2,46,1,47,1,48,1,56,2,63,1,101,1","teil,82,1","teilbereiche,114,1","teilgenommen,112,1","teilnahme,84,1,89,1","teilnehmern,87,1","teilweise,75,2","teilzunehmen,10,1","tel,8,1,9,1,61,2,64,2,66,2,65,2,72,1,74,1,75,1","telebanker,52,1","telecom,31,1,61,1,63,2,64,1,65,1","telecommunications,22,1,36,1,56,3,64,1","telekommunikation,82,1,87,1,105,1","telephone,59,1","teleshopping,59,5","telespazio,16,1,79,1","television,50,1,56,1","televoting,59,1","temporal,56,10","temporarily,9,1,49,1","temporary,56,1,61,2,63,11,66,7,65,1","tenant,61,1","tenants,56,1","tendency,66,3","tendenz,85,1","tenders,61,1","term,53,3,32,1,30,2,34,2,49,2,50,4,52,2,56,5,58,2,57,5,59,1,60,8,61,2,63,4,64,2,66,2,65,2","terminated,56,1","termination,53,1,54,1,61,2,63,1,66,1,65,2","terms,9,7,53,1,55,2,34,1,38,1,52,2,56,6,58,3,62,2,57,1,59,1,60,1,61,1,63,3,66,2,65,1","tern,85,1","territorial,50,1,52,3,54,2,56,2,58,2,62,1,59,1,61,2","territory,56,4,62,1,66,3","testify,66,6","testifying,66,2","testimony,66,9","text,9,1,54,1,63,1,64,1,75,1","thank,1,1","theaters,56,1","theiss,66,1","themselves,12,1,55,1,47,1,56,1,66,1","thereafter,66,1","therefore,2,1,53,2,32,1,30,1,38,1,41,1,49,1,56,1,58,1,60,1,61,8,64,2,65,7","therein,66,1","thereof,66,1","thereto,26,1,34,1,63,1","thesis,56,1","thinking,38,1,48,1","third,9,2,55,1,51,1,52,1,56,2,57,1,59,1,61,11,63,1,64,2,66,12,65,11","thorough,41,1,47,1","thoroughly,30,1","those,49,1,50,1,51,1,56,2,59,1,60,2,61,1,64,1,66,1","though,30,1","threatened,66,1","three,55,1,56,3,58,1,57,4,61,2,63,2,64,1,66,5,65,2","threshold,53,1,62,2,57,1,64,5","thresholds,58,3","through,9,3,53,1,55,5,15,1,41,1,49,2,56,2,57,2,63,1,66,2","throughout,2,1","throw,61,2,65,2","throwing,61,1,65,1","thus,4,1,33,1,50,2,61,3,64,1,66,1,65,3","ticking,64,1","tiefe,95,1","tiffin,19,1,66,1,104,1","tig,103,2,107,1,110,1,112,1","tigen,75,1,94,1,79,1,87,1","tigkeiten,88,1","tigkeitsbereichen,10,1","tigt,75,1,91,1","tigung,97,1","time,2,1,9,2,12,1,53,2,55,1,32,1,47,1,56,4,58,1,63,1,64,1,66,7","timely,2,1,4,1,12,1","times,9,1,12,1,49,1","tiroler,16,1,79,1","titel,104,2,105,1,106,1,108,1,100,1,102,1,109,1,110,1,112,1","title,53,1,54,1,58,1,63,1,64,1,66,1","titles,53,2,50,3,56,2,63,2,66,1","titulescu,21,1,22,1,24,1,25,1,64,1,76,1,105,1,106,1,109,1,110,1,112,1","tives,54,1","tmc,19,1,66,1,104,1","to16,53,1","tobacco,16,1,50,1,56,12,61,1,64,2,65,1,79,1","tochter,111,1","today,37,1","together,1,1,53,1,38,1,57,1,61,1,66,3","took,76,1","tool,61,1","top,8,1,9,1,12,2,75,1","torgans,66,1","torres,66,1","tort,61,5,65,5","total,52,1,62,1,64,3","tourism,61,1","tourist,64,1","towards,53,1,30,1,61,1,66,1,65,1","town,55,1","toys,56,1","tp,64,4,66,4,65,4","track,9,1","tracking,2,1","tractors,64,1","trade,31,1,49,2,50,1,56,1,58,2,62,2,59,3,60,8,64,3,66,1","traded,64,1","trademark,18,1","trademarks,18,1,45,2,56,1","trading,61,7,64,1,65,1","traditional,57,9","traditionalism,57,3","traffic,56,2","tragen,86,1","trained,55,1","training,55,2,14,1,54,1,57,1","transacted,49,1","transaction,32,1,30,6,35,3,36,1,41,1,49,3,56,2,61,1,64,15,66,1,65,1","transactions,1,2,2,1,5,2,53,1,32,2,16,1,22,1,26,1,35,1,40,1,45,1,49,4,54,1,56,4,62,2,61,3,64,12,66,3,65,3","transaktion,86,3","transaktionen,10,2,67,1,68,2,92,1,79,1,81,1,82,1,85,1,105,1,101,1","transaktionsdokumenten,86,1","transaktionsergebnisse,87,1","transaktionsstruktur,86,1","transatlantic,15,4,80,3","transatlantik,80,1","transfer,9,1,53,2,45,2,49,2,50,10,51,1,54,2,56,2,58,1,59,1,61,2,64,7,65,2,75,1,101,1","transferee,61,1,65,1","transferred,49,2,50,1,52,1,56,2,61,4,64,2,65,1","transferring,59,1","transfers,49,2,50,2,56,1,62,1","transit,56,1,59,1,61,1","transition,61,1","transitional,61,1","translation,53,1","translator,66,2","translators,2,1,4,1,12,1","transmission,50,1","transmit,9,1","transparency,12,1,51,1,59,1","transparenz,78,1","transportation,55,2,54,1,59,1,64,2","transports,61,1","travel,49,1","travelers,49,1","travellers,64,1","travelling,66,2","treasury,50,5","treated,56,1,64,1","treaties,56,3,64,15","treating,42,1","treatment,64,1,66,1","treaty,64,18","trend,32,1,66,1","trends,66,1","treuhand,85,1","trial,53,2,49,1,66,1","trials,63,2","tribunal,53,2,60,1,63,2,66,55","tribunals,51,1,54,7,60,3,63,4,66,1","trigger,62,1","triggered,61,1","triggers,64,1","trotzdem,96,1","trucks,64,1","true,64,1","trust,1,1,5,1,12,1,32,1,63,1,64,1,66,2,85,1","truth,59,1","tsassistent,100,1","tschechien,80,1","tsunematsu,64,1","turn,61,2,65,3","turned,56,1","turnover,55,1,52,1,58,1,59,2,64,3","tv,59,2,64,1","tween,49,1","two,53,1,49,2,52,3,54,3,56,1,58,1,63,1,64,4,66,7","type,55,1,34,1,62,2,60,1,61,3,64,3,66,2,65,2","types,9,1,53,1,52,2,62,1,60,1,61,6,64,1,66,4,65,6","typical,58,1","typified,59,1","typischen,96,1","typology,60,2","tzem,75,1","tzen,78,1,84,1,101,1","tzliche,75,1","tzliches,67,1","tzt,82,1,83,1","tzten,75,1","tzung,10,1,93,1,82,1,84,1,86,1,90,1","uber,67,4,73,1","ubigerinteressen,114,1","udes,96,1","uk,15,1,19,1,61,10,66,1,65,1,80,1","ultimate,61,1,65,1","ultra,66,1","um,67,1,69,1,75,6,92,1,85,2,87,1,89,1,97,1,99,1","umfangreiche,94,1,103,1,82,1","umfangreichen,85,1","umfassende,68,1,111,1","umfassenden,84,1","umfeld,10,1","umgesetzt,111,1","umgestaltung,103,1","umgestaltungen,88,1,105,1","umsetzung,84,1","umst,75,2","umstrukturierung,87,1","umstrukturierungen,88,2","umtausch,81,1,82,1,99,1","umweltrecht,103,1","umweltschutzbestimmungen,86,1","un,19,1,66,1,104,1","unabh,72,1,75,1","unable,66,1","unbiased,66,1","unchanged,53,1,51,1","uncitral,66,3","unconditional,9,1","unconditionally,9,1,49,1","unconstitutionality,49,2,56,4","uncontrolled,64,3","und,10,9,67,9,68,16,69,7,72,16,73,8,78,7,75,29,94,9,103,7,92,11,93,10,80,11,81,12,82,14,83,9,84,16,85,19,86,21,87,11,88,12,89,10,90,11,91,13,95,19,96,11,97,9,104,14,105,6,106,4,107,4,108,5,98,8,99,13,100,13,101,13,102,8,109,5,110,7,111,5,112,11,114,11","under,3,1,9,4,55,2,31,1,32,1,50,3,51,2,52,4,54,2,56,17,58,2,62,1,57,3,59,4,60,5,61,39,63,6,64,13,66,37,65,29,71,1","undergoing,62,1","underground,59,1","underlie,61,1","underline,63,1","underscored,66,1","understand,45,1,46,1","understanding,5,1,12,1,38,1,66,1","understandings,61,1","undertake,58,1,66,1","undertakes,53,1,55,1,49,1,50,1,51,1,52,1,54,1,56,1,58,1,62,1,57,1,59,1,60,1,63,1","undertakings,1,1,52,2,59,1,63,1","undetermined,53,1","unduly,61,1,65,1","unemployed,58,1","unemployment,58,4","unenforceable,66,2","ungarn,80,1","ungeachtet,75,1","uniform,59,2","unilateral,63,1","un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arrFiles=new Array();arrFiles[0]=new Array(1,"","2005-08-19","PACHIU & ASSOCIATES :|: Attorneys at Law :|:","","","Dear visitor, It is our great pleasure to introduce you to our organization. You shall be briefly acquainted with our philosophy, our history, expertise and future plans. Nevertheless, please consider that any kind of presentation of a business, in particular the legal business, suffers immediate and constant change. Our law firm is focused on permanent Change and Improvement. First of all, it is our clients who are drivers of our Law Firm’s change. Dedication and efficiency has made us benefit of the trust and appreciation of our clients and collaborators in various transactions and practice areas. After only one year of existence we had the privilege to assist major multinational corporations and be involved in transactions that left their footmark in the Romanian business environment. We hereby wish to thank all of our clients for being with us and making us to become what we are and what we dream of becoming. Join us and we shall witness together the challenges and successful outcome of your undertakings. ........... Sincerely yours, Legal Notice | Site Map | Search © 2004-2005 Pachiu & Associates . All Rights Reserved Recommended screen resolution: 1024x768",11);arrFiles[1]=new Array(2,"about_us.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Business Philosophy Our Clients Professional Network About Us Pachiu & Associates was founded in 2002. We rapidly evolved to become one of the leading Romanian law firms for one main reason: our proven proficiency in enhancing the international outlook of our clients while observing the local legal requirements. Our vision is to maintain ourselves at the cutting edge of the legal profession, taking up the most challenging matters. Our approach is viewing issues from a business and a legal perspective, focusing not just on problem solving, but on problem avoidance as well. The result is our ability to add value to our partners’ business, therefore enhancing our own. Pachiu & Associates counts on a solid team of experienced and motivated lawyers, graduates of leading universities in Romania or abroad. Our lawyers are proud to have provided, throughout their career, legal assistance and opinions on transactions having an aggregate value in excess of USD 1 billion. Teamwork is one of our core values. Currently, we count for a staff of 20 people, comprising attorneys, authorized translators and supportive staff. Our offices are equipped with all modern facilities required in order to provide clients with high standard and efficient professional services. State-of-the-art computer and communications technology enables us to go an extra mile not only in proving timely solutions to our clients, but also in managing client matters and tracking the time and costs for each particular matter. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",10);arrFiles[2]=new Array(3,"news.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Under construction ... Username . Password . Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",8);arrFiles[3]=new Array(4,"lawyers.htm","2005-09-08",":: Pachiu & Associates :: Attorneys at Law","","","Laurentiu Victor Pachiu Claudia Oprea-Popa Marius Petroiu Camelia Nicoara Remus Valsan Cristina Stamboli Cristina Bujoreanu Iulia Ispas Alexandru Lefter Magda Zudor Andreea Oprisan Cristina Bachmeier Lawyers The team of. Pachiu & Associates consists of motivated and experienced lawyers. All our lawyers are graduates of leading universities in Romania or abroad and members of the Bucharest Bar Association and the National Union of Lawyers. All lawyers are fluent in Romanian and English. Some lawyers are fluent in German, French and Russian. Pachiu & Associates also benefits from collaboration with highly qualified additional staff comprising paralegals, authorized translators and supportive staff, thus ensuring complete and timely professional services to our clients. Legal Notice | Site Map | Search © 2004-2005 Pachiu & Associates . All Rights Reserved",11);arrFiles[4]=new Array(5,"practice.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Asset Finance / Securitisation Banking and Finance Capital Markets Mergers and Acquisitions Corporate Commercial Government Business / Regulatory Energy and Natural Resources Infrastructure and Project Finance Competition Law Media and Entertainment Information Technology Dispute Resolution-Litigation-Arbitration Foreign Direct Investment Labour Law Real Estate Construction Private Client Intellectual Property Insolvency/Corporate Restructuring Tax Practice The firm provides for a full range of commercial and corporate legal advice, having extensive expertise in matters related to corporate governance, corporate disputes, securities, mergers and acquisitions, commercial contracts, offshore and tax structures, labor law, real estate and construction, anti-trust law, intellectual property, banking and project financing, secured transactions, cross-border transactions, public acquisitions, and public procurement. In all our areas of practice, focus is set on understanding of and adjustment to our clients’ individual needs. We take pride in providing efficient, innovative solutions for the day-to-day business of our corporate clients, starting from the moment of establishment and continuing with the daily business operations. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",13);arrFiles[5]=new Array(6,"contact.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","36 Spatarului St., Entrance 1, 1st Floor, suite No. 4, Bucharest 2, Romania Phone: +4021 212 00 23, Fax: +4021 211 56 36 Legal Notice | Site Map | Search © 2004-2005 Pachiu & Associates . All Rights Reserved",9);arrFiles[6]=new Array(7,"publication.htm","2005-07-06",":: Pachiu & Associates :: Attorneys at Law","","","2005 Issue no. 69: (May 1 - May 31) ... Issue no. 68: (April 1 - April 30) ... Issue no. 67: (March 1 - March 31) ... Issue no. 66: (February 1 - February 28) ... Issue no. 65: (January 1 - January 31) ... 2004 Issue no. 64: (December 1 - December 31) ... Issue no. 63: (November 1 - November 30) ... Issue no. 62: (October 12 - November 1) ... Issue no. 61: (September 18 - October 11) ... Issue no. 60: (September 4 - September 23) .. . Issue no. 59: (August 4 - September 3) .. . Issue no. 58: (July 22 - August 3) ... . Issue no. 57: (July 3 - July 23) ... Issue no. 56: (June 23 - July 2) .. . NOTE! This page require Adobe Acrobat Reader 5.0 or later ... G.L.G. - Environment Law 2005 - Romania This chapter appeared in the 2005 edition of The International Comparative Legal Guide to: Environment Law. Published and reproduced with kind permission from Global Legal Group Ltd, London. G.L.G. - International Arbitration 2005 - Romania This chapter appeared in the 2005 edition of The International Comparative Legal Guide to: International Arbitration. Published and reproduced with kind permission from Global Legal Group Ltd, London. G.L.G. - Corporate Tax 2005 - Romania This chapter appeared in the 2005 edition of The International Comparative Legal Guide to: Corporate Tax. Published and reproduced with kind permission from Global Legal Group Ltd, London. G.L.G. - Environment 2004 - Romania This chapter appeared in the 2004 edition of The International Comparative Legal Guide to: Environment. Published and reproduced with kind permission from Global Legal Group Ltd, London. Legal Notice | Site Map | Search © 2004-2005 Pachiu & Associates . All Rights Reserved",20);arrFiles[7]=new Array(8,"careers.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Our firm is permanently seeking young, but experienced and motivated lawyers and administrative stuff. We are flexible and friendly, but yet a disciplined team. Each lawyer applying with our firm should be guided by the following principles, i.e.: - problem solving; - very good foreign language capabilities (speaking, reading, writing); - legal analysis and reasoning; - legal research; - factual investigation; - effectiveness in delivery of work; - communication; - counseling; - negotiation; - marketing, client developement; - litigation and alternative dispute resolution procedures; - organization and management of legal work; - team work; - ethics, fairness and morality; - professional self-developement and continuous improvement of the profession. It is the philosophy of our firm that each lawyer, irrespective of his/her position within the firm should act like a owner. Management skills and initiative are essential in becoming a successful lawyer and a successful law firm. Continuing legal education of its lawyers and contribution to relevant business and legal reviews is a top priority of the firm. Interested candidates may apply with us, by sending a resume and letter of intent, at the following contact details: Camelia Nicoara Attorney at Law Head of human resources department Pachiu & Associates 36 Spatarului Street, suite No. 4 Bucharest 2, Romania Tel.: +40 (21) 212 00 23 Fax: +40 (21) 211 56 36 Legal Notice | Site Map | Search © 2004-2005 Pachiu & Associates . All Rights Reserved",11);arrFiles[8]=new Array(9,"legal_notice.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Welcome to www.lp-legal.com , website provided to you by Pachiu & Associates . This Legal Notice contains the legal terms and conditions under which you may access Pachiu & Associates website and download, copy or use the information contained herein and represents the legal agreement under which you are authorized to access and use this website. The Legal Notice may be consulted online or may be printed for reviewing its terms. By accessing, viewing or using this website you indicate that you have unconditionally and irrevocably agreed to all the terms and provisions in this Legal Notice. Should you not agree to all or any of the terms and conditions provided herein, you must cease all use of this website immediately. The terms of the Legal Notice may be modified by Pachiu & Associates at any time, due to modifications in the applicable legislation or due to changes in its corporate policy. Continued use of this website after such modification shall indicate your unconditional acceptance of such amendments. This Legal Notice is effective as of January 1, 2004. Disclaimer a) Legal disclaimer All materials posted on Pachiu & Associates website are provided solely for general information purposes and do not constitute and should not be relied upon, under any circumstance, as legal advice. You should not act or refrain from acting based on any information provided on this website, without seeking professional advice as to your specific situation. Using this website and/or submitting any information to our attorneys after reviewing this website shall not create an attorney-client relationship between you and Pachiu & Associates. An attorney-client relationship between you and Pachiu & Associates is established only after you contact Pachiu & Associates and the terms of such relationship have been established under a written agreement in the form provided by the applicable Romanian laws. The information posted on this website is not provided with the intention to seek clients. You should not consider the general information presented herein to be an invitation for the establishment of an attorney-client relationship. Pachiu & Associates does not wish to represent anyone who is seeking representation based upon accessing and using this website in a jurisdiction where this website is considered a source of advertising that fails to comply with ethical rules and/or the laws of such jurisdiction. b) Accuracy of information Pachiu & Associates website strives to provide at all times accurate, updated information. We reserve the right to make any modification and/or amendment in the contents of the website at any time. We make however no representation that information is complying with legal provisions in your jurisdiction, or that it is completely free of any inaccuracies, up to date and complete. You should independently verify any information before relying upon it. Other than expressly provided in this Legal Notice, Pachiu & Associates shall accept no liability whatsoever for any damages (direct or indirect, incidental, punitive, special or consequential or of any other nature) arising out of or in connection with the use of this website. Copyright Pachiu & Associates website contains copyrighted material including, but not limited to, text, software, photographic materials, graphics, the overall design of the website etc. You are hereby licensed to access, download and temporarily store materials from this website solely for personal and non-commercial use. All copies shall contain the international copyright mark of Pachiu & Associates (© Pachiu & Associates) as well as all other copyright notices or other legal notices contained in the copied material. The permission to copy materials in the website excludes the possibility to incorporate the copied materials, in whole or in part, in any work or publication, regardless of the form of such work/publication. You hereby acknowledge that you do not acquire any ownership rights by downloading copyright material. You may not modify, publish, transmit, participate in the transfer or sale, create derivative works, or in any way exploit any of the content of Pachiu & Associates website, whether in whole or in part. Should you desire to use the materials and information contained in this website beyond the limits established in this Legal Notice, you need to obtain the express permission of Pachiu & Associates. No electronic link/framing to Pachiu & Associates website may be activated without our prior written consent. This website may provide links to other websites operated by other legal entities or by individuals, for information purposes only. Pachiu & Associates does not assume any obligation to review the content and/or terms and conditions of linked websites and we make no representations in respect of such websites. Consequently, we accept no liability regarding the quality of information and/or products and services provided by or advertised by such websites. You hereby acknowledge that following a link to a third party’s website results in leaving the Pachiu & Associates website and ceasing of any responsibility of Pachiu & Associates. Privacy Policy Pachiu & Associates does not request any of the visitors of this website to provide us with personal information in order to be granted access to this website. However, we do keep track of domains from which visitors are accessing our website, for statistical purposes. We may collect home server domain names, e-mail addresses, types of computers or Web browsers of the visitors of our website. All other non-public, personal information disclosed to us through our website is provided voluntarily by visitors. In certain cases, we may restrict access to certain sections of Pachiu & Associates website to authorized visitors only. In such case, we may require visitors to register in order to obtain a visitor-id and password for authentication and to secure access to the restricted sections. In order to facilitate the use of Pachiu & Associates website by visitors upon return to our website, we may use cookies. A cookie represents an element of data that a website can send to your browser, which may then store it on your system. You can choose not to accept our cookies by setting your browser to notify you when you receive a cookie and then decline it (if your browser has available this option). Pachiu& Associates will not disclose to third parties any individually identifying information provided to us unless required to by law or in order to protect the property, rights and legitimate interests of Pachiu & Associates. You hereby acknowledge that electronic mail or other communications through Pachiu & Associates website are not secured and that Pachiu & Associates cannot and do not guarantee the security of such communication. You should not send as any sensitive information through this website. Governing law and jurisdiction This Legal Notice is governed by substantive Romanian laws. Any conflict arising out of or in connection to the access and use of this website, in any manner whatsoever, shall be subject exclusively to the jurisdiction of Romanian competent courts. Contact information Additional information regarding this Legal Notice may be obtained from: Pachiu & Associates .. Attorneys at Law Spatarului St., No. 36, Entrance 1, 1st Floor, Suite 4 Buharest 2, Romania Tel. . +4021 212 00 23 Fax + 4021 211 56 36 Legal Notice | Site Map | Search Back to top ... © 2004 Pachiu & Associates . All Rights Reserved",19);arrFiles[9]=new Array(10,"index_de.html","2005-03-07",":: PACHIU & ASSOCIATES :: Attorneys at Law ::","","","Sehr geehrter Leser! Es freut uns sehr, Ihnen unsere Kanzlei vorstellen zu können. Wir möchten Sie in Kürze mit unserer Philosophie, Geschichte, Fachwissen und Zukunftsplänen bekannt machen. Jedoch sollten Sie daran denken dass jede Darstellung eines Geschäftes, besonders eines Rechtsgeschäftes, ständigen und unmittelbaren Veränderungen unterworfen ist. Deshalb ist unsere Kanzlei auf permanente Änderungen und Verbesserungen eingestellt. Vor allem unser Mandant ist für uns derjenige, der diese Veränderungen einleitet. In Folge unseres effizienten Einsatzes erhielten wir bei Transaktionen in verschiedenen Tätigkeitsbereichen das volle Vertrauen sowie die Anerkennung unserer Mandanten und Geschäftspartner. Bereits nach dem Ablauf nur eines einzigen Jahres haben wir das Privileg, bei der Betreuung multinationaler Gesellschaften und der Einbeziehungen in Transaktionen die positive Eindrücke auf dem wirtschaftlichen Umfeld Rumäniens hinterlassen haben, teilzunehmen. Bei diesem Anlass möchten wir allen unseren Mandanten sowohl für ihre Unterstützung und für unsere erreichten Erfolge, als auch für die Erwartungen und Anstrebungen zu unserem weiteren Werdegang danken. Setzen Sie sich mit uns zusammen und, wir werden allen Herausforderungen gemeinsam entgegentreten und die erfolgreichen Ergebnisse ihrer Unternehmungen erleben. .... Mit freundlichen Grüßen, Legal Notice | Site Plan | Suchen © 2004-2005 Pachiu & Associates . All Rights Reserved Recommended screen resolution: 1024x768",11);arrFiles[10]=new Array(11,"sitemap.htm","2005-08-19",":: Pachiu & Associates :: Attorneys at Law","","","Home About Us Practice Lawyers News Publications Contact Business Philosophy Asset Finance / Securitisation Laurentiu Victor Pachiu Legal Newsletter Our Clients Banking and Finance Claudia Oprea-Popa Articles Professional Network Capital Markets Marius Petroiu Mergers and Acquisitions Camelia Nicoara Corporate Remus Valsan Commercial Cristina Stamboli Government Business / Regulatory Cristina Bujoreanu Energy and Natural Resources Arcadia Hinescu Infrastructure and Project Finance Iulia Ispas Competition Law Alexandru Lefter Media and Entertainment Magda Zudor Information Technology Andreea Oprisan Dispute Resolution-Litigation-Arbitration Doru Postelnicu Foreign Direct Investment Labour Law Real Estate Construction Private Client Private Client Insolvency/Corporate Restructuring Tax Legal Notice | Site Map | Search © 2004-2005 Pachiu & Associates . All Rights Reserved",17);arrFiles[11]=new Array(12,"bus_fil.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Business Philosophy Our Clients Professional Network Business Philosophy Our business philosophy is based on four main pillars: Integrated services , provided, first of all, by our attorneys in strong relationship with various top professionals: public notaries, authorized translators, recruitment firms, real estate brokers, stock brokers, certified public accountants and other professionals; Cost-effective services , supported by state-of-the-art computer technology, which enables us to monitor and to report to the client the time and costs associated with each particular matter. We strive to avoid any hidden cost, by way of ensuring top transparency in client file management. Cost-effective services are the cornerstone of our business philosophy; Quality services , provided by carefully selected attorneys in a courteous, ethical and timely manner. Focus is set on understanding of and adjustment to our clients’ individual needs. Our lawyers commit themselves to the clients’ business vision and objectives and are accessible to our clients at all times and in all matters, large and small, anywhere our clients are doing business. Integrity is a selling asset. Successful businesses cannot afford ethical shortcuts. We protect your integrity and will not compromise our own since the trust of customers, clients and employees, and the respect of colleagues and communities must be earned every day. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",10);arrFiles[12]=new Array(13,"search.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Please enter your search strings below: Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",9);arrFiles[13]=new Array(14,"lvp.htm","2005-09-08",":: Pachiu & Associates :: Attorneys at Law","","","Laurentiu Victor Pachiu Claudia Oprea-Popa Marius Petroiu Camelia Nicoara Remus Valsan Cristina Stamboli Cristina Bujoreanu Iulia Ispas Alexandru Lefter Magda Zudor Andreea Oprisan Cristina Bachmeier Laurentiu Victor Pachiu Laurentiu graduated from the Law School of the Bucharest University in 1993 (J.D. equivalent). Laurentiu is a graduate of the Deutsche Genossenschafts Bank training courses in banking and market economy and a graduate of the Diplomatic Academy of the German Federal Ministry of Foreign Affairs. He served as a diplomat with the Romanian Ministry of Foreign Affairs and was assistant University Professor with the Law School of the University of Bucharest, Tax and Banking Chair. Laurentiu is a senior member of the Bucharest Bar Association and a member of the National Union of Lawyers. He has extensive experience in assisting and representing foreign and Romanian clients in various matters of Romanian and international law, related to mergers and acquisitions, privatizations, project financing and banking, capital markets, state guarantees, tax and offshore structures, real estate, commercial and corporate law in general. Laurentiu is fluent in Romanian, German, English and conversant in French. Legal Notice | Site Map | Search © 2004-2005 Pachiu & Associates . All Rights Reserved",12);arrFiles[14]=new Array(15,"professional.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Business Philosophy Our Clients Professional Network Professional Network In rendering our professional advice we always keep updated on current developments in the market of legal services at the international level. We maintain close relationships with several leading multinational law firms, so as to enable us to provide support to our clients also in other jurisdictions, at the highest professional standards. We also benefit of friendly relationships with reputable law firms and business consultants in Poland, Hungary, Russia, Serbia, Bulgaria, Croatia, Slovenia, Slovakia and the Czech Republic. We are contributors to reputable legal and business reviews, among which Euromoney publications, The International Comparative Legal Guide series, edited by the Global Legal Group-UK and the yearly “Doing Business in Romania” Review edited by Kompass. Pachiu & Associates also works with Transatlantic Law International , a London based international legal service, with affiliated law firms and correspondents in over 20 countries. Transatlantic is dedicated to coordinating and providing investment and related business and legal solutions for international companies and investors in the Europe, Middle East and Africa (EMEA) region. Pachiu & Associates is one of Transatlantic \'s core partners, providing general legal advice on a team basis. Through Transatlantic \'s network of firms, which is non-exclusive in nature, Pachiu&Associates is able to provide full commercial law services for mergers and acquisitions and company formation and maintenance Legal Notice | Site Map | Search © 2004-2005 Pachiu & Associates . All Rights Reserved",11);arrFiles[15]=new Array(16,"clients.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Business Philosophy Our Clients Professional Network Our Clients The global vision of Pachiu & Associates, combined with our local expertise, recommends us as a resourceful partner to international companies expanding their business in Romania. Our clients also include local major companies seeking advice for complex transactions involving foreign or local partners. Our lawyers have successfully completed various projects for clients such as: ING Bank, Citibank, Volksbank, Deutsche Bank, the International Finance Corporation, the World Bank, Smithfield Foods, Holcim, Microsoft, Emerson Electric, Harris Corporation, Raytheon, RWE AG, E.ON Group, New Century Holdings Inv. Funds, ITOCHU Corp, Romtehnica, Egger Konzern, Swisspor, Moeller Group, TBI Financial, Japan Tobacco, Telespazio Italy, Carmeuse, Baran Group, HKS Group, Sika Finanz, Tiroler Loden, Global One Communication, FIBA, Abela Group, Kompass Bank, Posta Romana, Kingspan Group, Alcoa Fujikura. Michelin, Soravia Bautrager, Billa, Messer Gaz, VA Tech, PC Net, OVB AG, Atmel Corporation, Idilis, WPP Group etc. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",9);arrFiles[16]=new Array(17,"cn.htm","2005-09-08",":: Pachiu & Associates :: Attorneys at Law","","","Laurentiu Victor Pachiu Claudia Oprea-Popa Marius Petroiu Camelia Nicoara Remus Valsan Cristina Stamboli Cristina Bujoreanu Iulia Ispas Alexandru Lefter Magda Zudor Andreea Oprisan Cristina Bachmeier Camelia Nicoara Camelia graduated the Law School of the Romanian-American University in 2000. She is also a post-graduate of the Private Law section of the University of the Bucharest Law School. She is a senior member of the Bucharest Bar Association and a member of the National Union of Lawyers. Camelia has accumulated a vast professional experience, working in the legal domain since 1998. She is specialized in real estate projects, mergers and acquisitions, bankruptcy, environment, banking, labour law and she is a regular contributor to several reviews and legal publications. Camelia is also providing assistance and counseling in commercial law, civil law, labor law, civil procedure law, litigation and arbitration. Camelia is fluent in Romanian and English. Legal Notice | Site Map | Search © 2004-2005 Pachiu & Associates . All Rights Reserved",11);arrFiles[17]=new Array(18,"mp.htm","2005-09-08",":: Pachiu & Associates :: Attorneys at Law","","","Laurentiu Victor Pachiu Claudia Oprea-Popa Marius Petroiu Camelia Nicoara Remus Valsan Cristina Stamboli Cristina Bujoreanu Iulia Ispas Alexandru Lefter Magda Zudor Andreea Oprisan Cristina Bachmeier Marius Petroiu Marius graduated the Law School of Bucharest University in 1998 (J.D. equivalent) and is a postgraduate of the commercial law section of the Bucharest University. He is a graduate of the LLM programme of the Law School of McGill University, Canada and holds the Intellectual Property Law Degree of the WIPO Academy, Geneva. Marius is a senior member of the Bucharest Bar Association and a member of the National Union of Lawyers. Marius is specialized in all aspects pertaining to intellectual property law, and is a registered trademark attorney with Romanian Office for Patents and Trademarks (OSIM). He is an active contributor with various legal reviews and publications both in Romania and abroad. Marius has extensive experience in corporate and commercial law, foreign direct investment, infrastructure and project finance, as well as labor law and litigation. Marius is fluent in Romanian, English and French and conversant in Bulgarian. Legal Notice | Site Map | Search © 2004-2005 Pachiu & Associates . All Rights Reserved",12);arrFiles[18]=new Array(19,"cop.htm","2005-09-08",":: Pachiu & Associates :: Attorneys at Law","","","Laurentiu Victor Pachiu Claudia Oprea-Popa Marius Petroiu Camelia Nicoara Remus Valsan Cristina Stamboli Cristina Bujoreanu Iulia Ispas Alexandru Lefter Magda Zudor Andreea Oprisan Cristina Bachmeier Claudia Oprea-Popa Claudia graduated the Law School of the Bucharest University in 1998 (J.D. equivalent) and she is a post-graduate of the Business and International Commercial Arbitration Course held by TMC Asser Instituut, The Hague, The Netherlands and of the Common Law Post-Graduate Course of the AP University, Cambridge, UK. She is also an LLM graduate in Refugees’ Rights (UN High Commission for Refugees) and in Community Justice Administration (Tiffin University Ohio, US) and a Ph.D candidate (“White collar crime”). She served as a judge in Campina Court, Prahova County and currently serves as Assistant Lecturer with the University of Bucharest, the Faculty of Sociology, Social work and Psychology, Human Rights Chair. Claudia is a senior member of the Bucharest Bar Association and a member of the National Union of Lawyers since 1998. She has extensive experience in assisting and representing foreign and Romanian clients in various matters of Romanian and international law, related to mergers and acquisitions, commercial property/real estate, capital markets, media and entertainment, government business/regulatory, infrastructure and project finance, energy and natural resources, banking and finance, privatizations, dispute resolution- litigation and arbitration. Claudia is fluent in Romanian, English, Italian and conversant in French. Legal Notice | Site Map | Search © 2004-2005 Pachiu & Associates . All Rights Reserved",12);arrFiles[19]=new Array(20,"cb.htm","2005-09-08",":: Pachiu & Associates :: Attorneys at Law","","","Laurentiu Victor Pachiu Claudia Oprea-Popa Marius Petroiu Camelia Nicoara Remus Valsan Cristina Stamboli Cristina Bujoreanu Iulia Ispas Alexandru Lefter Magda Zudor Andreea Oprisan Cristina Bachmeier Cristina Bujoreanu Cristina graduated the Law School of the Bucharest University in 2002. She is a senior member of the Bucharest Bar Association and a member of the National Union of Lawyers. Cristina has extensive experience in real estate projects, commercial contracts and corporate law. She also provides legal assistance and counseling in civil law, consumer’s protection, labor law and data protection. Cristina has been a counsel to clients acting in various fields, such as constructions, food industry, pharmaceutics industry, banks. Cristina is fluent in Romanian, English and Spanish. Legal Notice | Site Map | Search © 2004-2005 Pachiu & Associates . All Rights Reserved",11);arrFiles[20]=new Array(21,"cs.htm","2005-09-08",":: Pachiu & Associates :: Attorneys at Law","","","Laurentiu Victor Pachiu Claudia Oprea-Popa Marius Petroiu Camelia Nicoara Remus Valsan Cristina Stamboli Cristina Bujoreanu Iulia Ispas Alexandru Lefter Magda Zudor Andreea Oprisan Cristina Bachmeier Cristina Stamboli Cristina is a senior member of the Bucharest Bar Association and a graduate of the Nicolae Titulescu University School of Law and of the Academy for Economic Studies-Faculty of Company Management. She is a PhD candidate with the Academy for Economic Studies. Cristina is also a graduate of the Academic Studies on commercial, law and international cooperation of the University of Bucharest and University of Paris. Cristina has extensive experience in commercial contracts, labor, litigation and real estate. She was counsel to clients acting in various fields, such as food industry, automobiles, optics, and energy. She also managed several real estate cases on restitution claims. Cristina is fluent in Romanian, English and French. Legal Notice | Site Map | Search © 2004-2005 Pachiu & Associates . All Rights Reserved",11);arrFiles[21]=new Array(22,"rv.htm","2005-09-08",":: Pachiu & Associates :: Attorneys at Law","","","Laurentiu Victor Pachiu Claudia Oprea-Popa Marius Petroiu Camelia Nicoara Remus Valsan Cristina Stamboli Cristina Bujoreanu Iulia Ispas Alexandru Lefter Magda Zudor Andreea Oprisan Cristina Bachmeier Remus Valsan Remus graduated the Law School of the “Nicolae Titulescu” University, Bucharest in 2001, (J.D. equivalent), and the International Faculty of Comparative Law, Strasbourg, France. He is a member of the Bucharest Bar Association and a member of the National Union of Lawyers. Remus provides legal assistance in commercial law, civil law, labour law and litigation. His expertise includes steel waste recycling and telecommunications, as well as cross border transactions and major corporate restructurings. Remus is fluent in Romanian and English. Legal Notice | Site Map | Search © 2004-2005 Pachiu & Associates . All Rights Reserved",11);arrFiles[22]=new Array(23,"mz.htm","2005-09-08",":: Pachiu & Associates :: Attorneys at Law","","","Laurentiu Victor Pachiu Claudia Oprea-Popa Marius Petroiu Camelia Nicoara Remus Valsan Cristina Stamboli Cristina Bujoreanu Iulia Ispas Alexandru Lefter Magda Zudor Andreea Oprisan Cristina Bachmeier Magda Zudor Magda graduated the Law School of Bucharest University in 2004 (J.D. equivalent). Magda is a junior member of the Bucharest Bar Association and a member of the National Union of Lawyers. Magda is providing assistance in corporate law, civil law, labor law, real estate and commercial law. She is also a regular contributor to several reviews and legal publications. Magda is fluent in Romanian and English and conversant in German and French. Legal Notice | Site Map | Search © 2004-2005 Pachiu & Associates . All Rights Reserved",11);arrFiles[23]=new Array(24,"al.htm","2005-09-08",":: Pachiu & Associates :: Attorneys at Law","","","Laurentiu Victor Pachiu Claudia Oprea-Popa Marius Petroiu Camelia Nicoara Remus Valsan Cristina Stamboli Cristina Bujoreanu Iulia Ispas Alexandru Lefter Magda Zudor Andreea Oprisan Cristina Bachmeier Alexandru Lefter Alexandru graduated the Law School of the Bucharest University in 2004 (J.D. equivalent). He follows the Business Law Course of the French-Romanian Institute of Business Law and International Cooperation Nicolae Titulescu – Henri Capitant (which is a partnership between the Law School of Bucharest and University I – Pantheon Sorbonne). Alexandru is a member of the Bucharest Bar Association and member of the Romanian National Union of Bar Associations. His area of expertise includes commercial, corporate and civil law, mergers and acquisitions and tax. Alexandru is fluent in Romanian and English and conversant in French. Legal Notice | Site Map | Search © 2004-2005 Pachiu & Associates . All Rights Reserved",11);arrFiles[24]=new Array(25,"ii.htm","2005-09-08",":: Pachiu & Associates :: Attorneys at Law","","","Laurentiu Victor Pachiu Claudia Oprea-Popa Marius Petroiu Camelia Nicoara Remus Valsan Cristina Stamboli Cristina Bujoreanu Iulia Ispas Alexandru Lefter Magda Zudor Andreea Oprisan Cristina Bachmeier Iulia Ispas Iulia graduated the Law School of the Bucharest University in 2002 (J.D. equivalent) and is a graduate of the Master in International Business held by International Economic Relationship Faculty-Academy for Economic Studies and of the French-Romanian Institute of Business Law and International Cooperation “Nicolae Titulescu-Henri Capitant”. She has also attended Jean Monnet European Integration course, held by Bucharest University. Iulia is a senior member of the Bucharest Bar Association and member of the National Union of Lawyers and she provides legal assistance in commercial and corporate law, labor law and real estate matters. Iulia is fluent in Romanian and English and conversant in French and Spanish. Legal Notice | Site Map | Search © 2004-2005 Pachiu & Associates . All Rights Reserved",11);arrFiles[25]=new Array(26,"asset.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Asset Finance / Securitisation Banking and Finance Capital Markets Mergers and Acquisitions Corporate Commercial Government Business / Regulatory Energy and Natural Resources Infrastructure and Project Finance Competition Law Media and Entertainment Information Technology Dispute Resolution-Litigation-Arbitration Foreign Direct Investment Labour Law Real Estate Construction Private Client Intellectual Property Insolvency/Corporate Restructuring Tax Asset Finance/Securitisation A large number of transactions our firm is involved in suppose the financing of acquisition of assets by corporate entities and the establishment of security on certain assets. Our firm is familiar with the preparation and negotiation of various structures and forms of finance and security agreements, with due consideration of all legal aspects that have to be approached in connection thereto, such as issues pertaining to private international law, foreign exchange regulations, tax law, property law and law on security in real property. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",12);arrFiles[26]=new Array(27,"cbm.htm","2005-09-08",":: Pachiu & Associates :: Attorneys at Law","","","Laurentiu Victor Pachiu Claudia Oprea-Popa Marius Petroiu Camelia Nicoara Remus Valsan Cristina Stamboli Cristina Bujoreanu Iulia Ispas Alexandru Lefter Magda Zudor Andreea Oprisan Cristina Bachmeier Cristina Bachmeier Cristina is senior member of the Bucharest Bar Association and a graduate of the University of Bucharest Law School (1999) has an extensive experience in commercial and labor law; She practiced intellectual property law in Germany, at Lycos Bertelsmann GmbH. Cristina managed to create a strong and reliable organization for a successful development of a German company in Romania. She was counselor of the state secretary in the Ministry of Justice and a legal editor at All Beck Publishing House. Cristina is fluent in German, English and Romanian. Legal Notice | Site Map | Search © 2004-2005 Pachiu & Associates . All Rights Reserved",11);arrFiles[27]=new Array(28,"ao.htm","2005-09-08",":: Pachiu & Associates :: Attorneys at Law","","","Laurentiu Victor Pachiu Claudia Oprea-Popa Marius Petroiu Camelia Nicoara Remus Valsan Cristina Stamboli Cristina Bujoreanu Iulia Ispas Alexandru Lefter Magda Zudor Andreea Oprisan Cristina Bachmeier Andreea Oprisan Andreea graduated the Law School of Bucharest University in 2005 (J.D. equivalent). Andreea is providing assistance in corporate law, civil law, real estate and commercial law. Andreea is fluent in Romanian, English and Spanish and conversant in French. Legal Notice | Site Map | Search © 2004-2005 Pachiu & Associates . All Rights Reserved",11);arrFiles[28]=new Array(29,"capital.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Asset Finance / Securitisation Banking and Finance Capital Markets Mergers and Acquisitions Corporate Commercial Government Business / Regulatory Energy and Natural Resources Infrastructure and Project Finance Competition Law Media and Entertainment Information Technology Dispute Resolution-Litigation-Arbitration Foreign Direct Investment Labour Law Real Estate Construction Private Client Intellectual Property Insolvency/Corporate Restructuring Tax Capital Markets Romanian securities’ market is regarded with more confidence by foreign investors, as it faced a significant increase during 2003. Our expertise involves the use of complex financial instruments. We are assisting our clients in entering into the local capital market, as well as in performing specific market operations. We provide legal advice regarding takeovers and acquisition of listed companies. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",12);arrFiles[29]=new Array(30,"mergers.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Asset Finance / Securitisation Banking and Finance Capital Markets Mergers and Acquisitions Corporate Commercial Government Business / Regulatory Energy and Natural Resources Infrastructure and Project Finance Competition Law Media and Entertainment Information Technology Dispute Resolution-Litigation-Arbitration Foreign Direct Investment Labour Law Real Estate Construction Private Client Intellectual Property Insolvency/Corporate Restructuring Tax Mergers and Acquisitions The firm has extensive expertise in mergers and acquisitions in various fields of business and industries. We assist clients in the process of legal due diligence, public offerings, structuring of the M&A transaction, related antitrust matters, drafting of transaction deeds and contracts, as well as of the closing and after-closing follow-up. Though, there are general rules and principles which apply to mergers and acquisitions, given our relevant experience, each transaction has its own particulars, depending on the specific field of industry, the regulatory framework and public authorities that have to issue necessary approvals, taxation, the background of the parties involved and their attitude towards the transaction, aspects which we constantly and thoroughly do consider. We do regard each acquisition as a long-term transaction, which requires a solid legal basis. Therefore, in each case, we help in building a stable and long-term focused transaction structure, with due consideration of all relevant matters: corporate and corporate governance consolidation, competition approvals, most feasible tax structure, regulatory, labour relations, commercial registration, environmental compliance, etc. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",13);arrFiles[30]=new Array(31,"banking.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Asset Finance / Securitisation Banking and Finance Capital Markets Mergers and Acquisitions Corporate Commercial Government Business / Regulatory Energy and Natural Resources Infrastructure and Project Finance Competition Law Media and Entertainment Information Technology Dispute Resolution-Litigation-Arbitration Foreign Direct Investment Labour Law Real Estate Construction Private Client Intellectual Property Insolvency/Corporate Restructuring Tax Banking and Finance Assisting banks and financial institutions in lending activities to corporate clients is part of our tasks. We assist banks acting either as lenders, agents, arrangers, or security agents, providing legal opinions on aspects pertaining to international private law, foreign exchange regulations, banking regulations, double taxation, ranking of debt, corporate status of borrower, and state guarantees. We have extensive experience in the drafting of relevant security agreements (mortgages, security in real property, floating charges) under Romanian law and the preparation of conditions precedent for each specific financing. Our lawyers were counsel to international banks and financial institutions in matters such as project financing (telecom, power plant rehabilitation, construction of heavy machines plants, etc.), financing of international trade agreements, inter-bank financing of lending programs, financing of import of raw materials, etc. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",13);arrFiles[31]=new Array(32,"commercial.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Asset Finance / Securitisation Banking and Finance Capital Markets Mergers and Acquisitions Corporate Commercial Government Business / Regulatory Energy and Natural Resources Infrastructure and Project Finance Competition Law Media and Entertainment Information Technology Dispute Resolution-Litigation-Arbitration Foreign Direct Investment Labour Law Real Estate Construction Private Client Intellectual Property Insolvency/Corporate Restructuring Tax Commercial Drafting a clear and comprehensive agreement, which follows the spirit and intention of all parties, has always been the key in a successful transaction. We combine a unique knowledge of both local and foreign jurisdictions, as well as a broad experience in international transactions. From simple, one-time operations to complex operations, involving several opposing parties, we draft and negotiate the precise agreement. We are aware that such contract shall serve as future reference for all the parties involved. Therefore we always keep in mind the long-term goals of a business relationship. We cover a wide range of agreements, such as sale-purchase, agency, distribution, escrow, trust, leasing, representation and the like. Each agreement is tailored to individual needs of the client, using the most appropriate legal wording, in order to protect client’s interest and to yield the maximum benefit from a business. Under the current trend of globalization, most of clients become more or less involved in international commercial transactions. We offer our clients advice on issues related to international private law, customs and tariffs, international rules and conventions on the sale of goods or conventions on the promotion and protection of investments, recovery of receivables, bankruptcy, international joint ventures and consortiums. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",13);arrFiles[32]=new Array(33,"gov.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Asset Finance / Securitisation Banking and Finance Capital Markets Mergers and Acquisitions Corporate Commercial Government Business / Regulatory Energy and Natural Resources Infrastructure and Project Finance Competition Law Media and Entertainment Information Technology Dispute Resolution-Litigation-Arbitration Foreign Direct Investment Labour Law Real Estate Construction Private Client Intellectual Property Insolvency/Corporate Restructuring Tax Government Business/Regulatory The Romanian public acquisitions regime is continuously changing, thus concluding a contract with state authorities might prove as being a race with unpredictable results. We are assisting clients seeking advice prior to participation to a bid involving public finances. If the result of a bid is not satisfactory, our assistance includes advice and representation as regards challenging the decision of the relevant body. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",12);arrFiles[33]=new Array(34,"corporate.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Asset Finance / Securitisation Banking and Finance Capital Markets Mergers and Acquisitions Corporate Commercial Government Business / Regulatory Energy and Natural Resources Infrastructure and Project Finance Competition Law Media and Entertainment Information Technology Dispute Resolution-Litigation-Arbitration Foreign Direct Investment Labour Law Real Estate Construction Private Client Intellectual Property Insolvency/Corporate Restructuring Tax Corporate A flexible and solid corporate structure, as of the incorporation of a company, represents the basic principle of our approach on corporate matters. Providing the right corporate structure for our client, with due consideration of client’s current needs and future plans, as well as the risks related thereto, constitutes the best way of preserving the interests of our clients on the long term. Corporate governance is a new concept for the Romanian business environment, as market players discover the advantages of being listed on the exchange market. We provide advice for both domestic and foreign clients on the proper structure of company boards and on the appropriate conduct of directors. Our assistance involves professional advice on such matters as professional standards of audit, limits of disclosure of information for listed companies and executive pay. We are supporting our clients whenever a dispute regarding corporate affairs is likely to arise or such has been aroused. Our lawyers have extensive expertise in any type of corporate disputes, such as minority shareholders’ rights, management-shareholders disputes and the like. Keeping in mind a global view of the problem enables us to find the most appropriate solution in terms of costs and long-term results. The firm is assisting clients in all stages of business, from planning, structuring and implementing a business structure to handling the day-to-day operations from a legal perspective. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",14);arrFiles[34]=new Array(35,"competition.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Asset Finance / Securitisation Banking and Finance Capital Markets Mergers and Acquisitions Corporate Commercial Government Business / Regulatory Energy and Natural Resources Infrastructure and Project Finance Competition Law Media and Entertainment Information Technology Dispute Resolution-Litigation-Arbitration Foreign Direct Investment Labour Law Real Estate Construction Private Client Intellectual Property Insolvency/Corporate Restructuring Tax Competition Law Competition matters are recognized as being a part of each large-scale transaction. We deal with a full range of regulatory matters, such as licensing and distribution, restrictive practices, market dominance, state aid, cartel investigations, merger control and intellectual property. We include a compliance check from the competition point of view in each transaction we are involved in. We represented clients in various fields of industry, such as cement, IT, print media and financial services. Our services include representation in front of the Romanian Competition Council, obtaining clearance for particular transactions and assistance in structuring the transaction prior to submitting the file with the regulatory authority. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",13);arrFiles[35]=new Array(36,"infrastructure.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Asset Finance / Securitisation Banking and Finance Capital Markets Mergers and Acquisitions Corporate Commercial Government Business / Regulatory Energy and Natural Resources Infrastructure and Project Finance Competition Law Media and Entertainment Information Technology Dispute Resolution-Litigation-Arbitration Foreign Direct Investment Labour Law Real Estate Construction Private Client Intellectual Property Insolvency/Corporate Restructuring Tax Infrastructure and Project Financing Romania has a strong demand for restructuring its energy, road and telecommunications sectors. These challenges require the participation of a broad spectrum of players - banks, project developers, local and central authorities. We provide our clients with advice regarding the most appropriate financing techniques, in order to ensure the right outcome of the transaction. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",12);arrFiles[36]=new Array(37,"energy.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Asset Finance / Securitisation Banking and Finance Capital Markets Mergers and Acquisitions Corporate Commercial Government Business / Regulatory Energy and Natural Resources Infrastructure and Project Finance Competition Law Media and Entertainment Information Technology Dispute Resolution-Litigation-Arbitration Foreign Direct Investment Labour Law Real Estate Construction Private Client Intellectual Property Insolvency/Corporate Restructuring Tax Energy and Natural Resources Until today, the energy and natural resources sector in Romania was subject to repeated state restructuring and reorganization. A legal perspective on this system could be achieved only on the occasion of financing of such restructuring, import of energy resources, etc., activities in which our lawyers were actively involved. The announced privatization of the Romanian energy and natural resources sector attracted a significant number of important global players in the field. Being actively involved in such process will provide our firm with the basic prerequisites for advising its clients on the rules which are specific for a private energy sector. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",13);arrFiles[37]=new Array(38,"dispute.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Asset Finance / Securitisation Banking and Finance Capital Markets Mergers and Acquisitions Corporate Commercial Government Business / Regulatory Energy and Natural Resources Infrastructure and Project Finance Competition Law Media and Entertainment Information Technology Dispute Resolution-Litigation-Arbitration Foreign Direct Investment Labour Law Real Estate Construction Private Client Intellectual Property Insolvency/Corporate Restructuring Tax Dispute Resolution-Litigation and Arbitration Our attorneys represent clients in various courts of law and administrative bodies. Deep knowledge of local procedure and practice, together with focus on client’s interests enables us to successfully represent clients in various fields of industry, such as cement, IT, construction, medical services, heavy machinery and financial services. Commercial litigation has its own particular features, which requires understanding of a business and of its main goals. We share the same concern for the business of our clients. Therefore, we always keep in mind the likely outcome of litigation and the possible consequences of such a challenge in terms of costs and efficiency. Mature thinking and professional approach always lead us to the best solutions. Our services focus on identifying the risks of litigation and providing the clients with the right solutions. We encourage and help our clients in looking for alternative dispute settlement, such as arbitration and mediation. Our litigation experience is of great assistance in identifying and offering solutions to problems. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",13);arrFiles[38]=new Array(39,"info.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Asset Finance / Securitisation Banking and Finance Capital Markets Mergers and Acquisitions Corporate Commercial Government Business / Regulatory Energy and Natural Resources Infrastructure and Project Finance Competition Law Media and Entertainment Information Technology Dispute Resolution-Litigation-Arbitration Foreign Direct Investment Labour Law Real Estate Construction Private Client Intellectual Property Insolvency/Corporate Restructuring Tax Information Technology Information technology is an industry with significant growth rates during the last years. The outsourcing of IT activities to Romania of some of main international key players, as well as local development of IT products require fast and efficient advice, tailored to the needs of the clients. We assist some major Romanian and international software developers in structuring and developing their local businesses. Our advice includes drafting of license agreements, production and OEM agreements, software distribution and implementation. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",12);arrFiles[39]=new Array(40,"media.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Asset Finance / Securitisation Banking and Finance Capital Markets Mergers and Acquisitions Corporate Commercial Government Business / Regulatory Energy and Natural Resources Infrastructure and Project Finance Competition Law Media and Entertainment Information Technology Dispute Resolution-Litigation-Arbitration Foreign Direct Investment Labour Law Real Estate Construction Private Client Intellectual Property Insolvency/Corporate Restructuring Tax Media and Entertainment We provide advice to both local and international media groups for issues including licensing and regulatory, commercial agreements, corporate transactions and litigation. Our expertise covers all aspects of the industry, such as copyright, relationship with public authorities and the like. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",12);arrFiles[40]=new Array(41,"real.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Asset Finance / Securitisation Banking and Finance Capital Markets Mergers and Acquisitions Corporate Commercial Government Business / Regulatory Energy and Natural Resources Infrastructure and Project Finance Competition Law Media and Entertainment Information Technology Dispute Resolution-Litigation-Arbitration Foreign Direct Investment Labour Law Real Estate Construction Private Client Intellectual Property Insolvency/Corporate Restructuring Tax Real Estate Real estate has always been an attraction for our clients, due to high rates of return offered by the local market. However, a real estate transaction still involves certain risks, which are specific for East European countries. The Romanian property regime still bears the marks of chaotic and abusive nationalization of assets during the years of the communist regime. Therefore, a legal due diligence prior to the acquisition of a real estate asset is a must. Our expertise involves a thorough and competent research through all the records held with relevant authorities and issuing of a final report, which provides for the most appropriate solution. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",13);arrFiles[41]=new Array(42,"labour.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Asset Finance / Securitisation Banking and Finance Capital Markets Mergers and Acquisitions Corporate Commercial Government Business / Regulatory Energy and Natural Resources Infrastructure and Project Finance Competition Law Media and Entertainment Information Technology Dispute Resolution-Litigation-Arbitration Foreign Direct Investment Labour Law Real Estate Construction Private Client Intellectual Property Insolvency/Corporate Restructuring Tax Labour Law Labour disputes entail significant risks to the business itself. Consequently, our firm is treating labour issues with the utmost attention. Our firm is assisting clients in all issues pertaining to labour law and labour relationships. Collective bargaining, drafting of collective and individual labour agreements, intellectual property, ensuring compliance with relevant labour laws are issues which constitute a day-to-day concern of our clients. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",12);arrFiles[42]=new Array(43,"foreign.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Asset Finance / Securitisation Banking and Finance Capital Markets Mergers and Acquisitions Corporate Commercial Government Business / Regulatory Energy and Natural Resources Infrastructure and Project Finance Competition Law Media and Entertainment Information Technology Dispute Resolution-Litigation-Arbitration Foreign Direct Investment Labour Law Real Estate Construction Private Client Intellectual Property Insolvency/Corporate Restructuring Tax Foreign Direct Investment More than 90% of our clients’ portfolio consists of foreign corporate and private investors. We keep in mind the core need of a client – to have a secure and profitable investment. The Romanian market has its own particular features, which requires proper advice. Our broad expertise in various areas of law enables us to find the appropriate solution with a multidisciplinary approach. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",12);arrFiles[43]=new Array(44,"construction.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Asset Finance / Securitisation Banking and Finance Capital Markets Mergers and Acquisitions Corporate Commercial Government Business / Regulatory Energy and Natural Resources Infrastructure and Project Finance Competition Law Media and Entertainment Information Technology Dispute Resolution-Litigation-Arbitration Foreign Direct Investment Labour Law Real Estate Construction Private Client Intellectual Property Insolvency/Corporate Restructuring Tax Construction Our attorneys are currently advising investors in some large real estate projects in Bucharest, which involve complex relationship with both local and central authorities. We provided advice on ensuring regulatory compliance in some of major industrial and office projects mainly in Bucharest. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",12);arrFiles[44]=new Array(45,"intellectual.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Asset Finance / Securitisation Banking and Finance Capital Markets Mergers and Acquisitions Corporate Commercial Government Business / Regulatory Energy and Natural Resources Infrastructure and Project Finance Competition Law Media and Entertainment Information Technology Dispute Resolution-Litigation-Arbitration Foreign Direct Investment Labour Law Real Estate Construction Private Client Intellectual Property Insolvency/Corporate Restructuring Tax Intellectual Property Our role in cross border transactions involves a careful review of IP matters, as they sometimes constitute the core issue of a business. We understand the value of the research which stands beneath IP rights and always look for securing the position of our customers on the local market from this point of view. Our attorneys have extensive expertise in providing advice to multinational clients in safeguarding their most valuable trademarks, patents and know how. The firm offers a full package of legal assistance, which includes patents, designs and trademarks registration with the domestic regulatory authority. We also draft and negotiate extensive technology transfer agreements, franchising agreements and license transfer agreements. We do share a great concern for protection of copyright, as one of the most valuable assets of a business. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",13);arrFiles[45]=new Array(46,"private.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Asset Finance / Securitisation Banking and Finance Capital Markets Mergers and Acquisitions Corporate Commercial Government Business / Regulatory Energy and Natural Resources Infrastructure and Project Finance Competition Law Media and Entertainment Information Technology Dispute Resolution-Litigation-Arbitration Foreign Direct Investment Labour Law Real Estate Construction Private Client Intellectual Property Insolvency/Corporate Restructuring Tax Private Client High-worth individuals play an increasing role in the expanding Romanian economy. We understand the need of such individuals to structure their wealth, in order to achieve the maximum output. Our privileged relationship with lawyers from various jurisdictions enables us to find the most appropriate solution for each client. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",12);arrFiles[46]=new Array(47,"insolvency.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Asset Finance / Securitisation Banking and Finance Capital Markets Mergers and Acquisitions Corporate Commercial Government Business / Regulatory Energy and Natural Resources Infrastructure and Project Finance Competition Law Media and Entertainment Information Technology Dispute Resolution-Litigation-Arbitration Foreign Direct Investment Labour Law Real Estate Construction Private Client Intellectual Property Insolvency/Corporate Restructuring Tax Insolvency/Corporate Restructuring Bankruptcy is a new phenomenon for local enterprises. It involves expertise from various fields of law and requires a thorough analysis of each particular element. We are assisting clients during the liquidation procedure, by way of designing debt restructuring schemes, safeguarding creditors’ interests, labour compensation schemes and asset liquidation. Our expertise goes further – we find the best solution for the business to survive, by way of bringing into the picture the right partners. We maintain close relationships with local judiciary liquidators, which proved themselves as being reliable and successful during the time. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",13);arrFiles[47]=new Array(48,"tax.htm","2005-03-07",":: Pachiu & Associates :: Attorneys at Law","","","Asset Finance / Securitisation Banking and Finance Capital Markets Mergers and Acquisitions Corporate Commercial Government Business / Regulatory Energy and Natural Resources Infrastructure and Project Finance Competition Law Media and Entertainment Information Technology Dispute Resolution-Litigation-Arbitration Foreign Direct Investment Labour Law Real Estate Construction Private Client Intellectual Property Insolvency/Corporate Restructuring Tax Tax Finding the right solution for the finances of a business often proves as being a challenging task. We identify the boundaries of local taxation matters and offshore jurisdictions, in order to achieve the best outcome for a business. Our excellent relationship with local financial and tax advisors enables us to find the appropriate legal solution for reducing the burden of taxes, which might sometimes decide whether a business is valuable or not. Global thinking is a strong argument in dealing with complex and intricate matters, such as avoidance of double taxation, reporting of particular operations to local tax authorities and foreign currency regulations. Legal Notice | Site Map | Search © 2004 Pachiu & Associates . All Rights Reserved",13);arrFiles[48]=new Array(49,"pdf/68.pdf","2005-05-23","68 Legal Update (01.04 - 30.04.2005)","","","LEGAL UPDATE  PACHIU & ASSOCIATES ATTORNEYS AT LAW Issue No. 68  Special points of interest:  April 01--April 30, 2005  TAXATION  Postponement of enforcement of certain provisions of the Fiscal Code Emergency Government Ordinance No. 30/2005 amending certain provisions of Government Emergency Ordinance No. 24/2005 amending and supplementing Law No. 571/2003 regarding the Fiscal Code was published in Official Gazette No. 367 of April 29, 2005. In accordance with the provisions of Emergency Government Ordinance No. 30/2005 ( the Ordinance ) the enforcement date of the new provisions regarding the 10% income tax applicable to incomes from interests, securities transfers, forex operations and from the transfer of real estate from the personal patrimony, has been postponed from May 1, 2005 to June 1, 2005. The provisions concerning the value added tax exemptions are also to be in force as of June 1, 2005.  ·  Postponement of enforcement of certain provisions of the Fiscal Code New provisions regarding the forex regime Possibility to request information from the Competition Council  ·  ·  BANKING  Inside this issue: Taxation Banking Competition Civil Law 1 1 4 4 New provisions regarding the forex regime National Bank of Romania Regulation No. 4/2005 regarding the foreign exchange regime was published in Official Gazette No. 297 of April 8, 2005 According to the new National Bank of Romania ( NBR ) Regulation, the current and capital foreign exchange transactions can be freely performed between residents and nonresidents both in foreign and national currency. Forex operations tween residents not make the object of trade with goods or services can be freely performed either in national or foreign currency. It is important to notice that these operations, as well as those mentioned above as exempted, can be performed in foreign currency based only upon the mutual consent of be- the parties. ate and transfer such financial assets. Protection measures  Payments, incomes, transfers and all other such operations between residents, which are the object of trade with goods and services, are performed only in the national currency (ROL), with the exception of the exempted operations set forth in the Regulation. The operations that do  If the capital flows on short term reach significant rates causing pressure over the forex market and major perturbations to the NBR monetary policy and to the exchange rate leading to major Regime applicable to the variations of the internal available cash, the NBR can non-residents apply protection measures as Non-residents may acquire, regards capital movements hold and use financial assets over a period that cannot both in national or foreign exceed two months. Such currency. In compliance with measures need to be notified the new provisions, non- to the EU Commission. residents may open and maintain in Romania accounts in Upon enforcement of this foreign and national currency. Regulation, NBR Regulation The non-residents can repatri- No. 1/2004 was abrogated.    Page 2  LEGAL UPDATE  National Bank of Romania Rule No. 3/2005 regarding the functioning of the inter-banking foreign exchange market was published in Official Gazette No. 297 of April 8, 2005 The inter-banking forex market comprises the forex transactions performed by the brokers (credit institutions authorized to operate in Romania) and by the NBR. Such brokers can conclude forex transactions in their own name and behalf or in their own name but on client \'s behalf. The minimal conditions that must be met in order to participate as a broker on the forex market are as follows: (a) The existence of a distinctive organizational structure and of a secure specific space; (b) The delimitation of attributions and the division of the forex market activities on separate compartments (front office, back office, cipher, banking correspondence); (c) Own rules regarding the procedures to be applied in relations with clients and with the department authorized to perform transaction on the interbanking forex market; (d) Assignment of the specific personnel to deal with such transaction; (e) The existence of correspondence relationships established through accounts opened abroad, for at least the following two convertible currencies: EUR and USD; (f) The existence of an operational system comprising information equipment and specific equipment for payment and communications. The inter-banking forex market operates each banking day from 9 a.m. to 1 p.m. It is mandatory to display, within the business hours, the exchange rates of the national currency ­ ROL ­ (sale/purchase) ­ spot, forward ­ for at least the following convertible currencies: EUR and USD. The brokers shall unconditionally perform the forex transactions and shall notify clients through a statement of account. The NBR shall publish the exchange rate each banking day at 1 p.m. based upon exchange rates displayed by the brokers. Any disputes regarding the implementation of this Rule shall be subject to arbitration by the NBR only after the parties attest to the fact that all possibilities to solve the dispute amicably were exhausted.  New provisions regarding the interbanking forex market  National Bank of Romania Rule No. 5/2005 regarding the authorization of forex operations was published in Official Gazette No. 297 of April 8, 2005 According to the new provisions, it is still mandatory to obtain the NBR authorization for operations with financial instruments currently transacted on the monetary market as well as the operation on current accounts and deposit accounts opened by residents abroad. Such operations shall be performed without NBR \'s authorization as of September 1, 2005. The following are exempted from NBR \'s authorization: (a) the account in national currency opened in countries with whom Romania has concluded arrangements of regional convertibility; (b) credit institutions for the activities performed based on the operation authorization; (c) embassies, consulates or other permanent representation offices and missions of Romania abroad, for the amount necessary for such activities; (d) natural persons, for income obtained during their residence abroad; (e) resident owners of real estate for incomes obtained from such transferred properties/ amounts required for taxes and expenses incurred with the administration of the property; (f) residents for the amounts whose repatriation is temporarily obstructed based on the legal provisions from the relevant country. NBR \'s authorization is no longer required for deposit accounts opened by nonresidents in national currency in Romania with credit institutions.  New provisions regarding the authorizations of forex operations    Issue No. 68 National Bank of Romania Rule No. 6/2005 regarding the physical import and export of in cash payment instruments was published in Official Gazette No. 297 of April 8, 2005 NBR Rule No. 6/2005 establishes as in cash payment instruments also the negotiable instruments at bearer, including: (i) monetary instruments at bearer, such as travelers cheques; (ii) negotiable instruments (cheques, promissory notes, payment orders/letter of procurement) and (iii) instruments (including cheques, promissory notes and payment orders/letter of procurement) executed, without mentioning the beneficiary \'s name. The natural persons entering or leaving Romania must declare to the customs if they hold payment instruments in cash in amount of at least EUR 10,000 /person/travel (a 10 times higher amount than the one previously provided). Failure to comply with such obligation is construed as a minor offense. The obligation shall not be considered fulfilled if the given information is false or inaccurate.  Page 3  New provisions regarding the physical import and export of in cash payment instruments  National Bank of Romania Rule No. 7/2005 regarding protection measures to be applied following the liberalization of deposit accounts in national currency (ROL) was published in Official Gazette No. 297 of April 8, 2005 If, following the liberalization of the deposit accounts in ROL, opened by non-residents with credit institutions in Romania, the capital flows on short term reach major rates causing pressure over the forex market and serious perturbations to the NBR monetary policy and to the exchange rate leading to major variations of the internal available cash, the NBR can apply one or more of the following protection measures: (a) Retention into account, at NBR, over a determined period, of part of: · the amount in foreign currency from the capital entrance, used by a resident or non-resident to be converted in ROL, in order to constitute a deposit to a Romanian credit institution; · the amount in foreign currency resulted from the conversion of a ROL deposit account opened by a resident or non-resident with the Romanian credit institution, in order to be transferred abroad; (b) Establishment of a higher rate applicable to the mandatory minimal reserves for the ROL deposits opened by residents and non-residents with Romanian credit institutions, having as source amounts in foreign currency representing capital entrances converted into ROL; (c) Introduction of a commission for the transaction on the inter-banking forex market generated by the entrance/exit of capital belonging to residents or nonresidents, having as object the sale/ purchase of foreign currency in order o deposit/withdraw amounts in ROL to/ from deposits opened with the Romanian credit institutions. (d) Introduction of restrictions to the due date of the ROL deposits opened by residents and non-residents with Romanian credit institutions, having capital entrance as source.  Protection measures regarding the liberalization of deposit accounts in national currency  National Bank of Romania Circular No. 10/2005 regarding the reference interest rate of the National Bank of Romania for April 2005 was published in Official Gazette No. 288 of April 6, 2005 Reference Interest Rate for April 2005 The reference interest rate established by the National Bank of Romania for April 2005 is 8.45% per year, lower by 2.30 units than the rate established for March 2005.    COMPETITION  Possibility to request information from the Competition Council Order No. 68/2005 of the Competition Council regarding the implementation of the instructions regarding the informal orientations concerning new matter raised by the implementation, in individual cases, of Article 5 and Article 6 of Competition Law No. 21/1996 (leading letters) was published in Official Gazette No. 356 of April 27, 2005 In compliance with Order No 68/2005 (the  Order ), economic agents are entitled to request from the Competition Council the issuance of a leading letter regarding the new aspects concerning the interpretation of Article 5 and Article 6 of Competition Law No. 21/1996 ( Law No. 21/1996 ). The Competition Council has the right to decide on the suitability to issue leading letters based on several criteria. Such criteria are: (i) there are no legal solutions regarding the matter raised; (ii) the issuance of the leading letter shall be useful; (iii) the issuance of the leading letter it is possible based on the provided information. The leading letter shall not be issued in case the aspects submitted to the attention of the Competition Council are subject to the procedures before the Competition Council or in case there is a pending court trial. The leading letters shall be made public on the website of the Competition Council with the observance of the confidentiality regulations. The leading letters are not deemed as decisions and, consequently, are not binding on the Competition Council for the implementation of Article 5 and/or 6 of Law No. 21/1996, although they may be taken into account when solving a case by the Competition Council and by the court.  CIVIL LAW  Amendment to the Code of Civil Procedure Constitutional Court Decision No. 176 of March 24th, 2005, regarding the claim of unconstitutionality of the provisions of Article 3021 Paragraph 1 letter a) of the Code of Civil Procedure, was published in Official Gazette No. 356 of April 27t, 2005 According to the provision of Article 3021 Paragraph 1 letter a) of the Code of Civil Procedure a petition for appeal failing to specify the name, domicile or residence of the parties, or, for legal entities, the name and social headquarters, as well as the number of registration with the Register of Commerce, the sole registration number and the bank account, and ­ if the appellant resides abroad ­ the chosen domicile in Romania, is null and void. The Constitutional Court ( the Court ) noticed the presence of these coordinates in merely all the deeds of a court file and considered unnecessary the above mention sanction. Therefore the Court has admitted the claim of unconstitutionality filed against the provision of the afore mentioned article of the Code of Civil Procedure. Following the Court \'s decision, it is no longer mandatory for the appellant to specify the above-listed coordinates in the content of a petition for appeal.  Pachiu & Associates is a Romanian registered Law firm. All attorneys are members of the Bucharest Bar and National Union of Lawyers. This document is an update of recent legal developments in Romania and is designed solely for the purpose of information. No part of this newsletter may be reproduced without prior written approval of the authors. It is a breach of law to proceed otherwise and might lead to civil, criminal and administrative liability. The readers are advised to seek advise from a qualified attorney when taking decisions based on the content of this document. Pachiu & Associates undertakes no liability regarding the business or legal decisions based on the content of this newsletter.  PACHIU & ASSOCIATES ATTORNEYS AT LAW  36 Spatarului Street, Suite No. 4, Bucharest 2, Romania Phone: +40( 21) 212 00 23 Fax: + 40 (21) 211 56 36 E-mail: office@lp-legal.com Web: www.lp-legal.com    ",129);arrFiles[49]=new Array(50,"pdf/67.pdf","2005-04-11","67.Legal Update.(01.03 - 31.03.2005).pub","","","LEGAL UPDATE  PACHIU & ASSOCIATES ATTORNEYS AT LAW Issue No. 67  Special points of interest:  March 01 -- March 31, 2005  TAXATION  New Amendments to the Fiscal Code Government Emergency Ordinance No. 24 amending and supplementing Law No. 571/2003 regarding the Fiscal Code was published in Official Gazette No. 263 of March 30, 2005 The main amendments brought by Government Emergency Ordinance No. 24/2005 (the  Ordinance ) concern the income tax, the value added tax and excises. Income Tax The tax for investment incomes was increased. Thus, interests that represent income are subject to a 10% taxation (as compared to 1% previous provided). In case of securities transfer, the tax to be applied depends on the frequencies of the transfers. A tax of 10% shall be applied on the income obtained from securities transfers within a period of less than 365 days as of their acquiring. If the securities transfer was performed on a period longer than 365 days, the tax to be applied on the income shall be 1%. The tax of 16 % shall not be applied on incomes obtained from prizes awarded in contests and gambling if the amounts do not exceed ROL 6,000,000 (as compared to ROL 8,000,000 previous provided). Such amount is considered per contest, respectively game of chance, performed by the same organizer within the same day. The Ordinance sets forth new taxes for incomes obtained from the transfer of real estate from personal patrimony. Thus, for the transfer of such properties the tax is 10% and shall become 16% as of January 1, 2006. The following incomes are exempted from taxation: income obtained from the transfer of real estate whose ownership right was restored, income obtained from the transfer of buildings and their land held by owners for a term exceeding 3 years and income obtained from the transfer of inherited or donated real estate, within at least 3 years before transfer. The provisions regarding the income taxes shall enter into force as of May 1, 2005. Value Added Tax According to the Ordinance, the following activities shall no longer be exempted from VAT: entertainment activities, broadcasting of programs by cable companies, sale of film license, broadcasting rights for radio and television, except for advertisements. The new provisions concerning VAT shall apply as of June 1, 2005. Excises As of April 1, 2005, the excises for gas, tobacco, alcohol, and luxury products have increased. New excises were established for electricity, natural gas and vehicles under 1601 ccm. As regards the excises for electronic home appliances (video cameras, digital cameras), microwaves, air conditioning equipment, excises are 20% higher. The consequence of such excises shall be a rise in prices of the products subject to excises.  · ·  New Amendments to the Fiscal Code Fewer Restrictions for Foreign Currency Operations A New Regulation regarding Payment Order Granting of Loans by Local Public Administration  ·  ·  Inside this issue: Taxation Banking Public Administration Incorporation Real Estate 1 2 3 4 4    Page 2  LEGAL UPDATE  BANKING  Circular No. 7 regarding measures to be taken by credit institutions/State Treasury in application of Law No. 348/2004 regarding re-denomination of currency was published in Official Gazette No. As of May 1, 2005, the National Bank of Romania ( NBR ) shall provide credit institutions with amounts in the new national currency. Such amounts are covered by the guarantees established in the conventions concluded for the purpose of implementing the re-denomination procedures. Beginning with July 1, 2005, the NBR shall put into circulation the new banknotes and coins. Payments and collections shall be performed in both currencies, except for payments between credit institutions, the NBR and the State Treasury which shall be performed only in RON. As of the same date, all the forms issued by the credit institutions/State Treasury shall contain both currency signs: ROL, respectively RON. The accounting shall be kept in RON and all invoices and other financial accounting documents shall be drawn in RON. The administrator or the person in charge with the management of the credit institutions shall be liable for the accuracy of the conversion of ROL into RON in the accounting and financial records. The international code for the new currency is  RON 946 minor unit  representing 1 Romanian Leu equal to 100 bani (RON division). During the period of March 1, 2005 ­ June 30, 2006, the commissions and tariffs used by credit institutions shall be posted in both currencies, at the headquarters and places of services provided by such institutions. The old banknotes and coins may be changed into new ones within the NBR branches and at the credit institutions appointed by the Order of the Finance Minister. Such change shall be performed during the period of January 1, 2007 up to December 31, 2009 and no commission shall be charged. June 30 and July 1, 2005 shall be considered nonbusiness days. During such period, the new banking IT applications of credit institutions and the State Treasury shall be implemented.  Special Measures to Be Taken by Credit Institutions regarding Redenomination  Circular No. 9 amending NBR Regulation No. 1/2004 on foreign currency operations was published in Official Gazette No. 195 of March 8, 2005 The amendments set forth by Circular No. 9/2004 refer to the provisions stipulated in the NBR Instructions regarding the organization and operation of interbank forex market in Romania. According to the new provisions, access of residents and non-residents to the interbank forex market in Romania by using sale/purchase foreign currency orders is free. Such incentive is applicable to all operations that may be performed under the provisions of NBR Regulation No. 1/2004 on foreign currency operations. Circular No. 9/2005 repealed the obligation of submitting attesting documents, including the NBR authorization (if applicable), for the nature of the foreign currency operation, the amount to be transferred or paid and the legal source of money in national currency. The forms and content of sale/purchase foreign currency orders of residents and nonresidents, as well as the manner in which they are forwarded, shall be set by agents, according to their own procedures. The agents may receive spot or forward sale/purchase orders for foreign currency at their headquarters or by means as remote transmission, computers.  Fewer Restrictions for Foreign Currency Operations  Granting of Loans by Local Public Administration  Circular No. 8 regarding the reference interest rate of the National Bank of Romania for March 2005 was published in Official Gazette No. 195 of March 8, 2005 The reference interest rate established by the National Bank of Romania for March 2005 is 10.75% per year, lower by 4.94 units than the rate established for February 2005.    Issue No. 67 National Bank of Romania Regulation No. 2 regarding the payment order for transfer ­ credit operations was published in Official Gazette No. 265 of March 31, 2005 In accordance with Regulation No. 2/2005 ( the Regulation ), the institutions settling payment orders are credit institutions, the State Treasury and the National Bank of Romania ( NBR ). The Regulation sets forth new mandatory conditions to be inserted for identification in a payment order, such as the amount of money, expressed in both new and old currency, and date of the issuance of the payment order. In case the beneficiary must be paid in cash and it does not hold an account with the institution settling the payment order, such institution shall keep the amount for a period that shall not exceed 10 business days as of the completion of the transfer-credit operation. After such term expires, the amount shall be sent to the institution that issued the payment order. The interests due for the delays related to the payment order shall be calculated by applying an interest rate that cannot be less than NBR reference interest rate.  Page 3  A New Regulation regarding Payment Order  PUBLIC ADMINISTRATION  Government Resolution No. 158 establishing the competencies of the Commission for the Authorization of the Local Loans was published in Official Gazette No. 220 of March 16, 2005 Government Resolution No. 158/2005 (the  Resolution ) sets forth the possibility of the local public administration to contract or guarantee loans for the accomplishment of public investments of local interest, as well as for re-financing of local public debts. Such operations shall be performed based on the approval of the Commission for the Authorization of Local Loans ( CALL ) According to the new provisions, the local public administration may guarantee loans for businesses and public services managed by the administrative-territorial units. The guaranteed loans may be both internal and external. As regards the external loans, they may be contracted either directly by the businesses/public services or indirectly by the Romanian state and sub-loaned to the businesses. The authority of the local public administration has the obligation to send copies of the loan agreement/guarantee agreement to the Ministry of Public Finance, within 10 days as of enforcement of such agreements. At the date of enforcement of this Resolution, Government Resolution No. 978/2001 for establishing the competencies of the CALL for contracting and guaranteeing external loans by the local administration authorities shall be repealed.  Granting of Loans by Local Public Administration  Government Resolution No. 208 regarding the organization and functioning of the Ministry of Public Finance and the National Agency of Fiscal Administration was published in Official Gazette No. 173 of March 31, 2005 According to Government Resolution No. 208/2005 ( the Resolution ) the National Authority of Customs and the Financial Guard shall be organized and shall operate within the Ministry of Public Finance - National Agency of Fiscal Administration (the  NAFA ). The Resolution sets forth new competencies for the NAFA such as solving the complaints filed against the fiscal administrative documents and the possibility to waive litigation rights of the state related to fiscal matters, based on a prior consent of the Government. The Ministry of Public Finance and its subordinated authorities may lease to businesses or give for the free use of public institutions, areas of real estate under, public or private, ownership of the state. The purposes of such lease/free use are: operating snack bars, installation of beverage automats, installation of means of communications, posting of advertisements, copy centers, trade of fiscal stamps, press and other activities related to those of the Ministry of Public Finance. The Resolution abrogated Government Resolution No. 1574/2003 regarding the organization and functioning of the Ministry of Public Finance and the National Agency of Fiscal Administration and the Government Resolution No. 159/2002 regarding certain measures for the lease of spaces by the Ministry of Public Finance.  New Authorities Subordinated to the Ministry of Public Finance    INCORPORATION  Extension of Term for Approval of Certain Company Names Emergency Government Ordinance No. 17 establishing certain organizational measures regarding public central administration was published in Official Gazette No. 229 of March 18, 2005 According to the provisions of Ordinance No. 17/2005 ( the Ordinance ), it was extended the term for obtaining the approval from the Government General Secretary regarding the company name containing words or expression:  national ,  Romanian ,  institute  and their assimilated words or extensions. The new deadline for obtaining such approval is May 30, 2005.  REAL ESTATE  Free Release and Hand Over of Ownership Titles of Agricultural and Forest Land Law No. 34 approving Government Emergency Ordinance No. 105/2004 regarding certain measures for the release and hand over of ownership titles over agricultural and forest land was published in Official Gazette No. 200 of March 9, 2005 According to the approved Government Emergency Ordinance No. 105/2004, as of November 19, 2004, the release and hand over of ownership titles over the agricultural and forest land shall be performed free of charge. Any provisions running counter to this are abrogated.  Pachiu & Associates is a Romanian registered Law firm. All attorneys are members of the Bucharest Bar and National Union of Lawyers. This document is an update of recent legal developments in Romania and is designed solely for the purpose of information. No part of this newsletter may be reproduced without prior written approval of the authors. It is a breach of law to proceed otherwise and might lead to civil, criminal and administrative liability. The readers are advised to seek advise from a qualified attorney when taking decisions based on the content of this document. Pachiu & Associates undertakes no liability regarding the business or legal decisions based on the content of this newsletter.  PACHIU & ASSOCIATES ATTORNEYS AT LAW  36 Spatarului Street, Suite No. 4, Bucharest 2, Romania Phone: +40( 21) 212 00 23 Fax: + 40 (21) 211 56 36 E-mail: office@lp-legal.com Web: www.lp-legal.com    ",165);arrFiles[50]=new Array(51,"pdf/69.pdf","2005-07-06","69 Legal Update (01 05 - 30 05 2005).pub (Read-Only)","","","LEGAL UPDATE  PACHIU & ASSOCIATES ATTORNEYS AT LAW Issue No. 69  Special points of interest::  May 01 May 31, 2005  CORPORATE  Re-denomination of Shares Law No. 101/2005 approving the Government Ordinance No. 5/2005 amending Article 6 para (1)of the Law No. 348/2004 regarding the re-denomination of the national currency was published with the Official Gazette No. 378 of May 5, 2005 ( Law No. 101/2005 ) As of June 30, 2005, in compliance with the Law No. 101/2005, joint stock companies and partnerships limited by shares shall resolve on: a) re-denomination of the nominal value of shares, so that the new nominal value shall be a multiple of 100; shareholders to the registered capital. All economic entities fall under the provisions of the Law No. 101/2005. In case companies fail to comply with the above-mentioned provisions, the National Office of the Register of Commerce shall register ex officio, as of July 1, 2005, the decrease of the nominal value of the shares issued by the respective companies. Law No. 101/2005 was enforced on May 8, 2005.  · ·  Re-denomination Shares  of  New Romanian Authorities to apply Appostille Updating the Minimum Capital of Insurers  ·  Inside this issue: Corporate Public Authority Insurance Banking Labor Law Real Estate Customs Public Acquisition 1 2  b) increase or decrease of the share capital, keeping unchanged the number of shares and participations of the  A New Regulation for the Register of Commerce Regulation for organization and operation of the National Office of the Register of Commerce and of the Register of Commerce offices was published in the Official Gazette No. 410bis of May 15, 2005 ( Regulation )  2 3 3 3 3 3  The National Office of the Register of Commerce keeps a record of all the legal entities, individuals and family associations performing commercial activities. The National Office of the Register of Commerce sets up an archive recording all information regarding the establishment of commercial entities/individuals and amendments of their articles of incorporation as well as the financial statements. Registrations of such documents stand good be-  fore third parties as of the date of their recording with the National Office of the Register of Commerce or publishing with the Romanian Official Gazette. The National Office of the Register of Commerce is editing a Journal of judicial reorganization and bankruptcy. The content of this Journal shall be published in June 2005. The present Regulation was enforced on May 16, 2005.    Page 2  LEGAL UPDATE  PUBLIC AUTHORITY  The New Authority for the Supervision of Processing of Personal Data Law No. 102/2005 regarding the establishment, organization and operation of the National Authority for the Supervision of Personal Data Processing was published in the Official Gazette No. 391 of May 9, 2005 ( Law No. 102/2005 ) In accordance with the provisions of the Law No. 102/2005, the National Authority for the Supervision of Personal Data Processing ( Supervision Authority ) replaces Ombudsman, the previous competent institution. Law No. 102/2005 was enforced on May 12, 2005. No later than June 27, 2005, the Ombudsman shall transfer to the Supervision Authority the responsibility for protection of persons regarding the processing of personal data.  Law No. 121/2005 amending Article 2 of Government Ordinance No. 66/1999 for the adherence of Romania to the Convention Abolishing the Requirement of Legalization for Foreign Public Documents, adopted in the Hague on October 5, 1961 was published in Official Gazette No. 402 of May 12, 2005 ( Law No. 121/2005 ) New Romanian Authorities to Apply the Apostille As of September 1, 2005 the tribunals shall apply the apostille for: A) documents issued by a state authority or a clerk of a State legal authority, including those issued by the Public Ministry, court clerks or a court marshals; B) notarial deeds; C) official declarations. As of the same date, the apostille for the administrative documents shall be applied by the prefectures. Law No. 121/2005 was enforced on May 15, 2005.  INSURANCE  Order No. 3105/2005 of the President of the Insurance Supervision Commission amending and supplementing the Rule on the update of the minimum share capital to be paid by insurers, applied by Order No. 3109/2004 of the President of the Insurance Supervision Commission, was published in the Official Gazette No. 417 of May 18, 2005 ( Order No. 3105/2005 ) The authorized insurers shall increase their share capital as follows: Until December 31, 2005: A) RON 5 million, for general insurance activity, excepting compulsory insurance; B) RON 8 million for general insurance activity; C) RON 8 million, for life insurance activity. The amounts provided on item A), and C) or B) and C), as the case may be, are determined in accordance with the performed insurance activity. Until June 30, 2006: A) RON 8 million, for general insurance, excepting compulsory insurance; B) RON 12 million for general insurance activity; C) RON 12 million for life insurance activity. The amounts provided on item A), and C) or B) and C), as the case may be, are determined in accordance with the performed insurance activity. The authorization tax due to the Insurance Supervision Commission for the increase of the share capital is not applicable to insurers which increase their share capital for the purpose of updating the share capital. In case a shareholder becomes a significant shareholder* as a result of the share capital increase, the Insurance Supervision Commission shall be requested by the insurer to approve such amendment to its share capital. The present Order was enforced on May 18, 2005 *Significant shareholder represents an individual or a legal entity or a group of individuals/legal entities, who acts in a concerted manner and holds, directly or indirectly, a stake of at least 10% of a company or of the voting rights or a stake allowing such individual or legal entity or group of individuals/legal entities to exercise a significant control of the General Assembly or of the Board of Administrators \' decisions (Law 297/2005 regarding the capital market)  Updating of the Minimum Capital of Insurers    Issue No. 69  Page 3  BANKING  National Bank of Romania Letter No. 15/2005 regarding the reference interest rate of the National Bank of Romania for May 2005 was published in Official Gazette No. 401 of May 12, 2005 ( Letter No. 15/2005 ) The reference interest rate established by the National Bank of Romania for May 2005 is 7.96% per year, 0.49 units below the rate established for April 2005. Reference Interest Rate for May 2005  LABOR LAW  Law No. 141/2005 on suspension of application of the provisions of Law No. 249/2004 regarding occupational pensions was published in Official Gazette No. 430 of May 20, 2005 ( Law No. 141/2005 ) Law No. 249/2004 regarding occupational pensions was not applicable until July 1, 2005. Suspension of the Law regarding Occupational Pensions  REAL ESTATE  Law No. 119/2005 approving Government Emergency Ordinance No. 122/2004 amending Article 4 of the Law No. 50/1991 regarding the authorization of execution of constructions works was published in Official Gazette No. 412 of May 16, 2005 ( Law No. 119/2005 ) According to the Law No. 119/2005 for the issuance of building permits, the affidavit attesting that there is no pending litigation in connection with the immovable asset is no longer required. Whenever a court of law is ruling on the annulment of the building permit, the effects of authorization for construction/ demolition and/or the cessation of the works may be suspended by the court only upon the parties of the lawsuit \'s request, which shall be addressed until the court renders the award. Up to now, such cessation was ordered by the court whenever the court was ruling the annulment of a building permit. Law 119/2005 was enforced on May 19, 2005. Constructions Allowed on Land Subject to Litigation  CUSTOMS  Law No. 159/2005 regarding the Romanian Integrated Customs Tariff was published in Official Gazette No. 462 of May 31, 2005 The Romanian Integrated Customs Tariff consists of Romanian customs import tariff, provisions regarding import and export and commercial strategy, which are encoded in compliance with the principles used in the integrate customs of the European Union. The Romanian Integrated Customs Tariff can be accessed on the website of the National Customs Authority. Law No. 159/205 was enforced on June 5, 2005.  Romanian Integrated Customs Tariff  PUBLIC ACQUISITION  Emergency Government Ordinance No. 40/2005 amending and supplementing the Emergency Government Ordinance No. 60/2001 regarding public acquisitions was published in Official Gazette No. 430 of May 20, 2005 ( EGO No. 40/2005 ) According to the EGO No. 40/2005 media advertising agreements fall under the requirements of public acquisition. A media advertising agreement is defined as a public acquisition of services agreement having as subject conception, production and/or broadcasting of advertising or other means of promotion by mass-media. The public authority which aims to conclude a media advertising agreement Advertising with a value exceeding EUR 2,000, shall Agreement - A New publish on its website or on the Form of Public www.publicitatepublica.ro the procedure to Acquisition be followed for the conclusion of such agreement. Failure in observing the transparency obligation shall be considered as minor offence and shall be subject to a fine between ROL 30,000,000 ­ ROL 75,000,000. EGO No. 40/2005 was enforced on May 20, 2005.    Pachiu & Associates is a Romanian registered Law firm. All attorneys are members of the Bucharest Bar and National Union of Lawyers. This document is an update of recent legal developments in Romania and is designed solely for the purpose of information. No part of this newsletter may be reproduced without prior written approval of the authors. It is a breach of law to proceed otherwise and might lead to civil, criminal and administrative liability. The readers are advised to seek advise from a qualified attorney when taking decisions based on the content of this document. Pachiu & Associates undertakes no liability regarding the business or legal decisions based on the content of this newsletter.  PACHIU & ASSOCIATES ATTORNEYS AT LAW  36 Spatarului Street, Suite No. 4, Bucharest 2, Romania Phone: +40( 21) 212 00 23 Fax: + 40 (21) 211 56 36 E-mail: office@lp-legal.com Web: www.lp-legal.com    ",134);arrFiles[51]=new Array(52,"pdf/65.pdf","2005-03-03","65. Legal Update (01.01-31.01).pub","","","LEGAL UPDATE  PACHIU & ASSOCIATES ATTORNEYS AT LAW Issue No. 65  Special points of interest:  January 01 - January 31, 2005  ENVIRONMENTAL LAW  Procedure for Authorization of the Activities with a Significant Environmental Impact Order No. 876/2004 approving the Procedure for authorization of the activities with significant environmental impact was published in Official Gazette No. 31 of January 11, 2005. The authorization procedure for the activities with a significant environmental impact (the  Procedure ) governs the terms for applying and issuing of an environmental authorization (the  Authorization ), the period of validity and the method for reviewing and extending such authorization as well as the taxes and related charges for authorization of economic agents carrying out activities with a significant environmental impact. The central public authority for environmental protection is the Ministry of the Environment and Water Management (the  MEWM ), and the territorial public authority for environmental protection is the Territorial Agency for Environmental Protection (the  TAEP ) and, respectively, the  Delta Dunarii  Biopshere Reservation Administration. The application for the issuance of the environmental authorization is mandatory both for performing current activities as well as for commencing new activities. In compliance with the Procedure, the authorization shall be issued by the territorial public authority for environmental protection of jurisdiction. The legal term for the issuance of such authorization is a maximum of 90 business days as of the date of filing with the TAEP of the complete documentation by the entity conducting such activity. The environmental authorization shall be issued with or without a conformity program. The conformity program shall be established by the TAEP and may have two parts: 1. measures to reduce the current and future effects of the performed activities on the environment; 2. measures to cure the effects of previously performed activities on the environment. The validity term of such authorization shall be maximum 5 years and may be extended provided that the data considered upon issuance have not changed. Upon change of the holder who conducts the activity, the conformity program shall be reconsidered upon mentioning the financing resources and the liability, if required. The environmental authorizations which fail to be endorsed annually shall lose validity. Upon change of the holder, the name and legal form of the company, the authorization shall be transferred to the new holder or for the new name of the company, if the activities shall continue to be performed in the same conditions for which the environmental authorization was issued.  ·  Procedure for Authorization of the Activities with a Significant Environmental Impact Amendments of Professions Classification of Romania New Statute of Lawyer Profession  ·  ·  Inside this issue:  Environmental Law Labor Law Banking Accounting Legal Profession  1 2 2 3 4    Page 2  LEGAL UPDATE  LABOR LAW Order No. 9/14 of the Ministry of Labor, Social Solidarity and Family and of the President of the National Institute of Statistics regarding the amendment of Professions Classification of Romania was published in Official Gazette No. 83 of 25 January 2005 Order 9/14/2005 ( the Order ) sets forth new professions in fields like banking, insurance, public administration, social assistance, agriculture. The banking system has two new basis professional groups:  managers and other higher officers in the banking system  referring to the presidents, vice-presidents and other higher officers of the banking system who represent and bind the bank before third parties, clients and jurisdiction bodies; execute the documents regarding expenses; organize and coordinate the activity of the bank and  banking experts  who are applying the bank policy for the promotion and sale of the banking products and services; are liable for client management and assess the goods brought as credit security. Among the new banking professions are: branch manager and similar, bank consultant, bank general manager, bank advisor, general bank inspector, accountant chief/bank financial manager, banking operational unit manager, bank executive manager, bank economist, bank manager, bank customers manager, bank officer, bank president, bank agency manager, telebanker, bank security system administrator, bank administrator. The insurance system has also two new profession groups:  Insurance experts  who negotiate and conclude insurance and reinsurance policies, collect the insurance premium, perform advisory activity in insurance, and  Assessment experts  who make assessments related to the four forms of ownership. Examples of new professions in insurance are insurance sale adviser, specialized insurance inspector, risk inspector, insurance specialist. Other new professions mentioned in the Order are: tax expert, manager assistant, assessment experts.  Amendments of Professions Classification of Romania  Government Decision No. 2346/2004 for the establishment of the minimum base gross salary at national level was published in Official Gazette No. 1 of January 3, 2005 Starting with January 1, 2005, the minimum base gross salary was established to ROL 3,100,000 monthly. Such salary was calculated for a fulltime working schedule of approximately 177 average hours per month in year 2005, representing approximately ROL/hour 18,000. The provision in a labor agreement of a salary under ROL 3,100,000 represents a minor offence and shall be punished with a fine between ROL 10,000,000 and ROL 20,000,000.  Minimum Base Gross Salary  BANKING Reference Interest Rate for January 2005 Circular No. 1/2005 regarding the reference interest rate of the National Bank of Romania for January 2005 was published in Official Gazette No. 14 of January 5, 2005. The reference interest rate established by the National Bank of Romania for January 2005 is 17.31% per year, lower by 0.65 units than the rate established for December 2004.    Issue No. 65  Page 3  ACCOUNTING  Order No. 1.775/2004 regarding the accounting rules was published in Official Gazette No. 27 of January 10, 2005. Order No. 1.775/2004 (the  Order ) intends to harmonize our accounting legislation with the European Directives. The Simplified Accounting Rules harmonized with the European Directives and the Accounting Rules harmonized with the IVth Directive of the European Economic Community (the  EEC ) and the International Accounting Standards (the  IAS ) may be applied by the legal entities who, at the end of 2004, met the following criteria: 1. turnover exceeding EUR 7.3 million; 2. total assets exceeding EUR 3.65 million; 3. average number of employees exceeding 50. The commercial companies whose securities are accepted for sale on a regulated market and the national corporations shall restate their financial statements for the year 2004. The Simplified Accounting Rules harmonized with the European Directives shall be effectively applied as of January 1, 2005. The other legal entities who meet the criteria mentioned above may choose to apply the regulations harmonized with the European Directives or to further apply the Simplified Accounting Rules. The financial statements of 2004 must be submitted within the following terms: 1. 150 days as of the end of the financial year for entities applying the Accounting Rules harmonized with the EEC Directives and with IAS; 2. 120 days as of the end of the financial year for the entities applying the Simplified Accounting Rules, harmonized with the European Directives, including microenterprises; 3. 60 days as of the end of the financial year for entities who have not conducted business as of their establishment. In Romania, the coordinating measures provided by the 6th Directive No. 78/660/EEC of the Council regarding the annual accounts of certain types of commercial entities shall apply to the following types of legal entities: 1. the commercial companies provided by Law No. 31/1990 regarding commercial companies; 2. the companies and national corporations, autonomous regies, national research and development institutes, cooperative companies and other legal entities who, based on special organization laws, operate on the principle of a commercial company. Upon enforcement of this Order, Articles 6, 7 and 8 of Order No. 1.827/2003 amending and supplementing certain regulations in accounting shall be abrogated.  Amendments to the Accounting Rules  Accounting Law No. 82/1991 was republished in Official Gazette No. 48 of January 14, 2005 Accounting Law No. 82/1991 was republished pursuant to the amendments provided by Government Ordinance No. 29/2004. Accounting Law was Republished  Emergency Government Ordinance No. 28/1999 regarding the obligation of the undertakings to use fiscal electronic markers was republished in Official Gazette No. 75 of January 21, 2005 Emergency Government Ordinance No. 28/1999 regarding the obligation of the undertakings to use fiscal electronic markers was republished pursuant to the amendments provided by Government Ordinance No. 94/2004 regarding the establishment of certain financial measures as amended.  Emergency Government Ordinance regarding Fiscal Electronic Markers was Republished    LEGAL PROFESSION New Statute of Lawyer Profession The Statute of Lawyer Profession was published in Official Gazette No. 45 of January 13, 2005 The new Statute (the  Statute ) establishes a more complete legal regime for the profession of lawyer in accordance with the provisions of the Law No. 51/1995 regarding organizing and performing of the lawyer profession and the European Deontological Code. The Statute provides that the professional confidentiality is a matter of public order. The lawyer can under no circumstances be compelled to reveal professional secrets except if strictly required by his defense if the lawyer is criminal or disciplinary pursued, or if there are complaints about the due fee. The lawyer is free to use information regarding previous clients, if such information became of public knowledge. In accordance with the new provisions, the correspondence and information between lawyers or between a lawyer and his client, may not be used as evidence in a legal action, and shall be confidential. The limitations from the old statute regarding the participation of lawyers in commercial companies were changed. According to the Statute, a lawyer may hold the position of president of a board of administration not only in joint stock companies but also in limited liability companies. Lawyers shall notify to the dean of the Bar Association if holding the capacity of member of a board of administration in a joint stock company or a limited liability company. If the Bar \'s Council considers that such capacity is incompatible with the dignity and rules of behavior imposed upon lawyers, may request withdrawal of the board of administration. The legal services agreement represents a special mandate for the activities explicitly provided as its scope, under which the lawyer may conclude under private signature or in authenticated form, conservation, administration or disposition documents for and on behalf of the client.  Pachiu & Associates is a Romanian registered Law firm. All attorneys are members of the Bucharest Bar and National Union of Lawyers. This document is an update of recent legal developments in Romania and is designed solely for the purpose of information. No part of this newsletter may be reproduced without prior written approval of the authors. It is a breach of law to proceed otherwise and might lead to civil, criminal and administrative liability. The readers are advised to seek advise from a qualified attorney when taking decisions based on the content of this document. Pachiu & Associates undertakes no liability regarding the business or legal decisions based on the content of this newsletter.  PACHIU & ASSOCIATES ATTORNEYS AT LAW  36 Spatarului Street, Suite No. 4, Bucharest 2, Romania Phone: +40( 21) 212 00 23 Fax: + 40 (21) 211 56 36 E-mail: office@lp-legal.com Web: www.lp-legal.com    ",160);arrFiles[52]=new Array(53,"pdf/64.pdf","2005-02-11","64. Legal Update (01.12-31.12).pub","","","LEGAL UPDATE  PACHIU & ASSOCIATES ATTORNEYS AT LAW Issue No. 64  Special points of interest:  December 01 - December 31 2004  TAXATION  Amendments to the Fiscal Code Emergency Government Ordinance No. 138/2004 amending Law No. 571/2003 regarding the Fiscal Code was published in Official Gazette No. 1281 of December 30, 2005 Emergency Government Ordinance No. 138/2004 ( EGO 138/2004 ) amended two main chapters of the Fiscal Code: profit taxation and taxation of incomes obtained by individuals and microenterprises. The profit tax was decreased from 19% to 16%. The special profit tax rate provided for by the Fiscal Code for capital gains and real estate transactions (10%) remains unchanged. As regards the taxation of incomes obtained by individuals, EGO 138/2004 introduced a flat tax of 16% and abandoned the system of progressive taxation and globalization of incomes. The following incomes are subject to16% tax: revenues from independent activities, salaries, transfer of the use of assets, investments, pensions, agricultural activities, prizes and fortune games and revenues from other sources. For incomes obtained from independent activities, the membership fees paid to professional associations are considered deductible expenses only within a threshold of maximum 2% of the taxable amount. The deductible expenses taken into account for determining the tax on incomes from intellectual property rights were decreased from 60% of the gross income to 40%. As concerns the taxation of the salary incomes, the conditions for granting the personal monthly deduction were amended. Therefore, individuals whose gross monthly salary incomes are up to ROL 10,000,000 benefit form personal deduction ranging from ROL 2,500,000 to ROL 6,500,000 subject to the number of persons supported by the taxpayer. For monthly salary incomes between ROL 10,000,001 and ROL 30,000,000 the personal deductions shall be established by the Ministry of Public Finance. Taxpayers with gross monthly salary incomes over ROL 30,000,000 shall not benefit from the personal deduction. The non-taxable amount from pension incomes was increased from ROL 8,000,000 to ROL 9,000,000. The tax to be applied on incomes obtained from prizes awarded in contests shall be 16% and shall apply only to amounts that exceed ROL 8,000,000 per contest; meanwhile the tax on incomes obtained from gambling is 20%. Incomes from other sources shall be subject to a 16% withholding tax. The taxpayers may allot up to 2% of the amount of the annual tax on income for the sponsorship of the non-profit entities established in accordance with G.O. 26/2000. Another major amendment concerns the tax on the incomes obtained by microenter-  · · ·  Amendments to the Fiscal Code New Administrative Dispute law Electronic activity of notaries  Inside this issue:  Taxation Insurance Public Administration Information Technology Public Notaries Competition Banking  Criminal Law  1 2 3 4 5  5 6 6    Page 2  LEGAL UPDATE Emergency Government Ordinance No. 123 amending Law No. 571/2003 regarding the Fiscal Code was published in Official Gazette No. 1154 as of December 7, 2004.  Other amendments of the Fiscal Code  According to the amendments brought by the ordinance, the provision of the Fiscal Code regarding prior notification of the tax authorities for the assignment or alienation of  shares or immovable assets within 60 days prior to performance, has been abrogated. A new important provision is the one regarding to the reduction by 50% the stamp  duties for authentication of the documents having as object the transfer of ownership titles or other real titles over land free of construction.  INSURANCE  Law No. 503/2004 on financial recovery and bankruptcy of insurance companies was published in Official Gazette No. 1.193 of December 14, 2004. Law on financial recovery and bankruptcy of the insurance companies (the  Law ) governs the procedure of financial recovery of the insurance company, as well as the bankruptcy procedure in case of insolvency. Such procedure shall apply to insurers and/or re-insurers, including their foreign branches, as well as to branches and subsidiaries by foreign insurance companies established in Romania. The Insurance Supervision Commission ( ISC ) is the only body authorized to decide applying the methods and the measures of financial recovery to insurance and reinsurance companies. The bankruptcy procedure shall be opened by submission of a petition either by the ISC or by the insurance company in debt or by its creditors, as the case may be. The opening of the bankruptcy procedure against the insurance company in debt shall be ordered by a decision of the tribunal. Such decision shall result in the withdrawal by the ISC of the authorization for operation of the insurance company in debt. As of the date when the decision for opening the bankruptcy procedure remains irrevocable, the insurance receivables shall be paid by the Security Fund.  Financial recovery and bankruptcy of insurance companies  Order No. 3.109/2004 applying the Rules on the update of the minimum share capital to be paid by insurers was published in Official Gazette No. 1.243 of December 23, 2004. On the date of enforcement of the Rules, the authorized insurers must increase their share capital as follows: Until June 30, 2005: a) ROL 40 billion, for general insurance activity, excepting compulsory insurances; b) ROL 65 billion, for general insurance activity; c) ROL 60 billion, for life insurance activity; d) the sum of the amounts provided at let. a) and c) or b) and c), as the case may be, depending of the performed insurance activity. Until December 31, 2005: a) new ROL 6,500,000 (equivalent of old ROL 65 billion), for general insurance activity, excepting compulsory insurance); b) new ROL 10,000,000 (equivalent of old ROL 100 billion) for general insurance activity; c) new ROL 10,000,000 (equivalent of old ROL 100 billion) for life insurance activity; d) the sum of the amount provided at let. a) and c) or b) and c), as the case may be, depending of the performed insurance activity. Until June 30, 2006: a) new ROL 10,000,000, for general insurance activity, excepting compulsory insurance; b) new ROL 15,000,000, for general insurance activity; c) new ROL 15,000,000, for life insurance activity. Such increase shall be made entirely by cash contributions.  Updating of the minimum share capital of insurers    Issue No. 64 Order No. 3.110 applying the Norms on the authorization of insurance and/or re-insurance brokers was published in Official Gazette No. 1.243 of December 23, 2004. In order to obtain the operation authorization as an insurance and/or reinsurance broker, the applicant must have a share capital in cash of minimum ROL 250 million. In addition, the applicant must have an insurance contract for civil liability exceeding EUR 450,000/event and an aggregate amount of EUR 750,000 per year, without deductibles. The authorization tax is ROL 50 million. Any amendments to the documents or conditions on the basis of which the authorization was granted, shall be made only with the prior notice of the Commission for Insurance Supervision.  Page 3  Authorization of the insurance and/or re-insurance brokers  PUBLIC ADMINISTRATION  Administrative Dispute Law No. 554 was published in Official Gazette No. 1154 of December 7, 2004. As of January 6, 2005, Law No. 554/2004 (the  Law ) is the new legal framework for administrative dispute, abrogating the provisions of Law No. 29/1990 regarding administrative dispute. According to the Law, the following persons and institutions, other then the natural or legal entity prejudiced by the administrative document, are entitled to file an action with the administrative court: the Romanian Ombudsman, the prefect, the Public Ministry, the National Agency of Public Clerks and any person suffering a prejudice following an administrative document addressed to another person. During trial, the exception of illegality of an administrative document can be claimed. The previous provisions of law regarding the prior administrative procedure were maintained with several exceptions. If the action is submitted by the prefect, the Romanian Ombudsman, the Public Ministry and the National Agency of Public Clerks or the persons who suffered a prejudice from the provisions of a Government Ordinance, the usual prior administrative procedure is not mandatory. In the case of administrative agreements, the prior administrative procedure is construed as conciliation in a commercial trial. The person whose rights or legitimate interests are prejudiced by a Government Ordinance shall submit an action to the administrative dispute court together with the exception of non-constitutionally. Such actions can be submitted at any time, since no statute of limitation is provided by the Law in this case. The Law establishes new court competences in the field of administrative dispute. Therefore, administrative litigations regarding administrative documents issued by local and county public authorities, as well as regarding taxes, contributions, customs debts and their accessories up to ROL 5 billion, shall be ruled over by the tax-administrative courts. Until the establishment of such courts, the litigations shall be settled before the tribunal of administrative dispute, and the administrative litigations related to administrative documents issued by the central public authorities as well as related to tax, contributions, customs debts and their accessories exceeding ROL 5 billion, shall be judged by the court of appeal, unless the legal provisions do not otherwise provide. The new statute of limitation for filing an action against an administrative document is six months or one year if compensations were not requested from the beginning. If based on the court resolution, the administrative bodies have the obligation to issue an administrative document and they fail to observe such obligation within 30 days from the final and binding court decision, the penalty shall consist in a fine of 20% of the minimum gross salary per each day of delay. If they fail to observe the legal term, after applying the fine, the deed shall be considered as an infringement and shall be subject to an imprisonment term from 6 months up to 3 years or applied a fine between ROL 25,000,000 and ROL 100,000,000.  Administrative Dispute Law    Page 4  LEGAL UPDATE Law No. 528 on the amendment of Government Ordinance No. 16/2002 regarding public ­ private partnership agreements and of Law No. 219/1998 regarding concessions was published in Official Gazette No. 1153 of December 7, 2004. Law No. 528/2004 (the  Law ) clarifies the legal framework of concessions by establishing that concessions performed based on public­private partnership agreements shall have as object only public works while the conventional concession shall have as object public activities, services and assets and shall be performed based on a concession agreement. Most of the new provisions apply to both methods of concession. Besides the already existing methods of concession, a new concession procedure shall be applied: the competitive dialogue. By this procedure, the relevant authority may initiate consultations with preliminary investors in order to develop one or more versions that comply with the terms and conditions of the relevant authority based on which the candidates are invited to bid. Advertising of any concession agreements shall not be performed only in the Romanian Official Gazette but also in the Official Journal of European Communities and/ or in an international widecirculation newspaper. Until the privatization of the national and commercial companies set up through the reorganization of autonomous regies, they may be directly assigned concession assets of private or public ownership of the state, pertaining to the field of activity for the accomplishment of public infrastructures. The law abrogates all the provisions regarding the concession of works in GEO No. 60/2001 regarding public acquisitions.  Public-Private Partnership Agreements  INFORMATION TECHNOLOGY  Law No. 533 amending Government Ordinance No. 51/1997 regarding leasing operations and leasing companies was published in Official Gazette No. 1135 of December 1, 2004 According to the new amendments, the right to use computer software may be the subject to a leasing operation, if the holder of the copyright is authorized for such operation. The procedure for the leasing operation is the same as the one for other types of assets subject to leasing operation. At the end of the leasing period or even before the due date, the lessee may acquire the permanent right to use of the computer software, for an undetermined term. The agreement having as object the right to use computer software represents enforceable title if the user waives any utilization rights, does not uninstall or erase the security copies, as well as return the equipment and documentation of the computer software, in the following cases: a) at the end of the leasing period, if the user has not opted for the purchase of the asset; b) in case of termination of the agreement due to the exclusive default of the user. If during the leasing agreement, the financer assigns the permanent right to use the computer software, the other financer shall have the same obligations as the first financer. The first financer shall remain the guarantee for the fulfillment of the obligations towards the user.  Leasing of computer software programs    Issue No. 64  Page 5  PUBLIC NOTARIES  Law No. 589 regarding legal framework of the electronic activity of notaries has been published in Official Gazette No. 1227 of December 20, 2004 According to the provisions of law, public notaries are authorized to authenticate and legalize electronic documents, based on an authorization that shall be obtained from the relevant authority (which is not defined by the law). The documents that can be drafted in electronic form are as follows: legalization of electronic copies after originals; certification of date; receiving and maintenance of documents in the electronic archive, legalization of translation in electronic form; release of duplicates; other operations provided by law. The validity of the notary document in electronic form abroad shall be established by international conventions concluded by Romania with other states.  Electronic activity of notaries  COMPETITION  Order No. 501/2004 applying the Rule on the state aid for the recovery and restructuring of the companies in difficulty was published in Official Gazette No. 1.215/2004 of December 17, 2004. In accordance with the Rule on state aid for the recovery and restructuring of the companies in difficulty (the  Rule ), a company is considered in difficulty when such company is not able to cover the loss, which, without an intervention from the public authorities, will lead to its removal from the economic system. The aid for recovery and restructuring a company shall be granted only once and cannot exceed the equivalent in ROL of the EUR 10 million. The non-refundable aid for small and medium-size enterprises shall be granted only upon the condition of the full implementation of the restructuring plan. Any aid granted to the large and mediumsize enterprises within the restructuring period shall be individually notified to the Competition Council provided that it was not informed in this respect at the time of its decision regarding the restructuring aid. Furthermore, any aid granted for a period exceeding 6 months or for 6 months but non- refundable after such period, must also be individually notified to the Competition Council as well. On the date of enforcement of such Rule, the Rule on the state aid for the recovery and restructuring of companies in difficulty implemented by Order No. 92/2002 shall be repealed.  State aid for companies in difficulty  BANKING  Circular No. 27/2004 regarding the reference interest rate of the National Bank of Romania for December 2004 was published in Official Gazette No. 1.157 of December 7, 2004.  Reference interest rate for December 2004  The reference interest rate established by the National Bank of Romania for December 2004 is 17.96% per year, lower by 0.79 units than the rate established for November 2004.    Issue No. 64 Amendment of the Law on redenomination of National Currency  Page 6  Order No. 1840 approving the Clarifications regarding certain measures to be taken for the application of Law No. 348 regarding redenomination of National Currency was published in Official Gazette No. 1247 of December 23, 2004 As of July 1, 2005, the legal entities shall convert into the new currency the initial balances, the final cash-flows and final statements included in the verification balance of June 30, 2005. The persons liable for the accuracy of the conversion shall be the administrator, the credit coordinator or the person in charge with the management of the company. After July 1, 2005, the invoices and all the evidence and financial accounting documents, including the annual financial statements for 2005, shall be drawn up in the new currency. The business entities shall have the legal obligation to use electronic fiscal cash-registers and to provide customers with the fiscal receipt and, upon request, with the invoice expressed in the new currency, no matter if the payment was in the old or new currency. During March 1 ­ June 30, 2005, the prices and tariffs of goods and services shall be displayed both in the old and new currency and the invoices for utility services, although drawn up in the old currency, shall have the amount payable expressed both in the old and new currency.  CRIMINAL LAW  New amendments to the Criminal Procedure Code Law No. 576 amending and supplementing the Criminal Procedure Code was published in Official Gazette No. 1.223 of December 20, 2004.  The amendments refer to the appeal for cancellation and application for review. The Code governs the procedure for review of the resolutions of the European Court of Human Rights, and also abrogates the provisions regarding the appeal for cancellation.  Pachiu & Associates is a Romanian registered Law firm. All attorneys are members of the Bucharest Bar and National Union of Lawyers. This document is an update of recent legal developments in Romania and is designed solely for the purpose of information. No part of this newsletter may be reproduced without prior written approval of the authors. It is a breach of law to proceed otherwise and might lead to civil, criminal and administrative liability. The readers are advised to seek advise from a qualified attorney when taking decisions based on the content of this document. Pachiu & Associates undertakes no liability regarding the business or legal decisions based on the content of this newsletter.  PACHIU & ASSOCIATES ATTORNEYS AT LAW  36 Spatarului Street, Suite No. 4, Bucharest 2, Romania Phone: +40( 21) 212 00 23 Fax: + 40 (21) 211 56 36 E-mail: office@lp-legal.com Web: www.lp-legal.com    ",194);arrFiles[53]=new Array(54,"pdf/66.pdf","2005-03-26","66.Legal Update.(01.02. - 28.02.2005).pub","","","LEGAL UPDATE  PACHIU & ASSOCIATES ATTORNEYS AT LAW Issue No. 66  Special points of interest:  February 01 -- February 28, 2005  TAXATION  Amendments of the Implementation Rules to the Fiscal Code Government Resolution No.84/2005 amending and supplementing the Implementation Rules to Law No. 571/2003 regarding the Fiscal Code, approved under Government Resolution No. 44/2004 was published in Official Gazette No. 147 of February 18, 2005 The Implementation Rules of the Fiscal Code (the  Implementation Rules ) were updated in accordance with the amendments brought to the Fiscal Code by Government Ordinance No. 83/2004 as approved by Law No. 494/2004, Government Emergency Ordinance No. 123/2004 and Government Ordinance No. 138/2004. The amendments concern the profit tax, the income tax, taxation of the incomes obtained in Romania by the non-residents and the income of the representative offices established in Romania by foreign companies, value added tax, excises and local taxes. Profit Tax The Implementation Rules modified the calculation methodology for the profit tax. The tax regime of the paid as penalties (fines, seizure, accruals, delay penalties) was clarified. All such expenses are considered as nondeductible. The expenses regarding the interests and net loss from currency exchange rate differences are also considered as nondeductible. For the purpose of determining the interest rate for foreign currency loans the expenses with interests taken into account for the fiscal year 2005 shall be of 7%. The services rendered for a permanent headquarter are deductible if there were effectively provided. Such expenses shall be deducted only if justifying documents attesting the necessity of such services for the carrying out of the activity within headquarter are submitted. Income Tax According to the Implementation Rules are included in the category of the taxable salary income also the indemnifications of the administrators of a company as well as the amount of the net profit, other than dividends, due to the administrators, in accordance with the provisions of the articles of association of the company or established by the general assembly of shareholders. The natural persons who have their residence in Romania, but are working abroad paid by a Romanian employer shall be taxed for the incomes obtained abroad in Romania. The tax authority that has the territorial jurisdiction over the income source shall be competent with regard to annual income affidavits and annual tax decisions of the taxpayers non-resident in Romania. Taxation of the Incomes Obtained in Romania by the Non-residents and the Income of the Representative Offices Established in Romania As regards the nonresidents who intend to benefit from incentives provided by the double taxation agreements concluded between their state of residence and Romania, the new provisions stipulate that another document may be submitted instead of the certificate of tax residence, issued by an authority other than the tax authority, but which has competencies in the field of attesting the residency according to the domestic law of the state of residence. This document must certify that the person who submits such document was a resident in the issuing state during the period for which the document was issued.  · Amendments of the Implementation Rules the Fiscal Code tives  to  · A New Law for Coopera· National Collective Labor Agreement 2005--2006  for  · New Forms of Tribunals Inside this issue: Taxation Banking Capital Market Commercial Law Labor Law Public Authority 1 2 3 3 4  4    Page 2 Value Added Tax Among the provisions regarding VAT the Implementation Rules refers to the simplified tax measures, namely the reverse tax. It is provided that the suppliers and beneficiaries shall register the tax for such transactions, both as deductible tax and collected tax, but no VAT payments shall be performed between the two contracting parties. Such tax cannot be applied to the agreements for construction of building or parts of a building which have as object services rendering and not a building as an asset. Local Taxes The legal entities have the obligation to mention in the documents for the acquirement or alienation of the ownership right over a building, the value of acquisition of the building as well as the built-in surface. In accordance with the new provisions the owner of a mean of transportation subject to alienation shall attach as appendix to the salepurchase agreement the identity card of the vehicle as well as the fiscal certificate, attesting to the payment of the due taxes up to the 1st day of the next month the ownership transfer was performed. The 0.1% tax for the issuance of the authorization for demolition shall be applied at a different value: for the legal entities to the inventory value of the building as declared by the beneficiary of the authorization, meanwhile for the  LEGAL UPDATE natural person to the tax value of the building. The report for release and receipt of the demolition works must be concluded within 15 days from the termination of the demolition works. As regards the authorization for construction the tax due, both by legal and natural persons, is calculated subject to the value of the project as declared by the applicant and shall be paid in advance. The personal numeric code of a natural person, respectively the sole registration code shall be mentioned in the documents for the transfer of the ownership title as well as in any other documents regarding taxes.  Order No. 85/2005 regarding the establishment of the annual scale assessment and of the personal base deduction for tax estimation of the annual global tax income obtained in the fiscal year 2005 was published in the Official Gazette No. 133 of February 3, 2005 According to the provisions of the Order No. 85/2005 ( the Order ), the annual scale differs depending of the amount representing the annual income. Consequently, for a taxable income up to ROL 30,200,000, the annual tax is 18%. If the taxable income is between ROL 30,200,001 and ROL 73,000,000 the annual tax shall be the amount obtained by adding ROL 5,436,000 to 23% of the amount that exceeds ROL 30,200,000. In case the annual taxable income is between ROL 73,000,001 and ROL 117,000,000, the annual tax represents the sum between ROL 15,280,000 and 28% of the amount exceeding ROL 73,000,000. For a taxable income between ROL 117,000,001 and ROL 163,500,000, the annual tax to be paid is of ROL 27,600,000 plus 34% of the amount exceeding 117,000,000. A taxable income exceeding ROL 163,500,000 has an annual tax of ROL 43,410,000 plus 40% of the amount exceeding ROL 163,500,000. The personal deduction for independent activities for the assessment of the base of the tax on global annual income is ROL 2,100,000 per month.  Annual Scale Assessment and Personal Base Deduction for Tax Estimation for 2004 Taxable Income  BANKING  Reference Interest Rate for February 2005 Circular No. 5 regarding the reference interest rate of the National Bank of Romania for February 2005 was published in Official Gazette No. 116 of February 4, 2005 The reference interest rate established by the National Bank of Romania for February 2005 is 15.69% per year, lower by 1.62 units than the rate set forth for January 2005.    Issue No. 66  Page 3  CAPITAL MARKET  Instructions No. 2/2005 issued by National Securities and Exchange Commission regarding certain measures for the integration of the Financial Investments Companies within the framework of Law No. 297/2004 regarding capital market Instructions No. 2/2005 (the  Instructions ) contain provisions about the text of the articles of association of Financial Investments Companies ( FIC ), including a special reference to the call and holding of the General Assembly of Shareholders ( GAS ). The GAS call must be published with at least 30 days before the actual assembly, on the website of the respective FIC, on the Bucharest Stock Exchange website, in the Bulletin of the National Securities and Exchange Commission ( NSEC ) and in at least one wide-spread newspaper. The shareholders may attend to the GAS either in person, by correspondence or by representative. The shares from the same category, issued by FIC, grant to the owners equal rights and obligations. Any limitations provided by the articles of associations referring to the holding of shares issued by FIC or to the rights of votes must be eliminated. The Board of Administration of a FIC must comprise at least five members. It is forbidden for a member of the Board of Administration to hold the same position in the Board of Administration of a credit company which is a depositary for the respective FIC, or of a FIC, which has an Agency Agreement with the relevant FIC. The administrators may not be employee or have contractual relationship with another FIC.  Mandatory Amendments to the Articles of Association of Financial Investments Companies  COMMERCIAL LAW  Law No. 1/2005 regarding the organization and functioning of cooperatives was published in Official Gazette No. 172 of February 28, 2005 Law No 1/2005 on the organization and functioning of cooperatives (the  Law ) sets forth the general legal framework for the organization and functioning of the cooperative sector. This Law is applicable to any form of cooperatives, except for credit cooperatives and their forms of association. There are two forms of cooperative companies:  cooperative company of first rank  which is a legal entity whose members are natural persons and  cooperative company of second rank  whose members are both natural persons and legal entities. The minimum number of members in a cooperative company is five. In order to become member, a natural person must be at least 16 years old (as compared to the old law, which stipulated 18 years). It is no longer mandatory for a natural person who intends to become a member to have the domicile in the jurisdiction of the cooperative. The minimum share capital subscribed and fully paid in upon incorporation date of the cooperative company is ROL 5 million and shall be divided into shares with a nominal value which cannot be less than ROL 100,000. As regards the administrators, the new law provides that they must be members of the cooperatives, their number is limited to 11. The Law forbids to the administrators to have the capacity of administrator in commercial companies with similar scope of activity. The cooperative company may freely enter into associations, national and territorial unions. Such associations/unions must have the articles of association in notarized form and must be registered with the Associations and Foundations Register. The new Law diminishes the attributions of such associations/ unions. The authority which supervises and regulates the activity of the cooperatives is the National Agency for Small and Medium Size Enterprises and Cooperatives. All cooperative companies shall be registered with a special register kept by the Register of Commerce and any public information regarding cooperative companies shall be published with Part VII of the Official Gazette. The Law abrogated the Decree Law No. 66/1990 regarding the organization and functioning of the handiwork cooperatives and the Law No. 109/1996 regarding the organization and functioning of the consumption cooperatives.  A New Law for Cooperatives    LABOR LAW  National Collective Labor Agreement for 2005 ­ 2006 Collective National Labor Agreement for 2005 ­ 2006 No. 2001/2005 was published in the Official Gazette Part V No. 1 of February 22, 2005 The period for which the Collective Labor Agreement (the  CLA ) shall be concluded is two years, as compared to the previous CLA, which was concluded for one year. In case of young people under 18 years old, the work schedule must not exceed 6 hours /day and 30 hours/week. If a company intends to make the payment for a part of the salary in-kind, it has to be stipulated in the CLA or in the individual labor agreement that such form of payment shall be used by the employer for the payment of the employee. Starting with January 1, 2005, the minimum base gross salary negotiated for a full work schedule of an average of 170 hours is ROL 3,300,000, approximately ROL 19.500/hour. The parties should agree that the provisions concerning the salary, the professional training and the sectors for which the CLA is mandatory, shall be renegotiated on September 30, 2005 in order to be applied in 2006. The CLA was executed on December 17, 2004 and shall be effective as of the registration date by one of the parties. CLA shall be notified to the employees by posting it in special places within the enterprise.  PUBLIC AUTHORITY  New Forms of Tribunals Government Resolution No. 83/2005 regarding the organization and operation of the Ministry of Justice was published in Official Gazette No. 132 of February 11, 2005 According to the new provisions regarding the organization and operation of the Ministry of Justice, during the period 2005 ­ 2006 the following special forms of tribunals, as separate courts, shall be organized in different locations of Romania: Minors and Family Tribunals, Labor and Social Insurance Tribunals, Commercial Tribunals and Administrative and Tax Tribunals.  Pachiu & Associates is a Romanian registered Law firm. All attorneys are members of the Bucharest Bar and National Union of Lawyers. This document is an update of recent legal developments in Romania and is designed solely for the purpose of information. No part of this newsletter may be reproduced without prior written approval of the authors. It is a breach of law to proceed otherwise and might lead to civil, criminal and administrative liability. The readers are advised to seek advise from a qualified attorney when taking decisions based on the content of this document. Pachiu & Associates undertakes no liability regarding the business or legal decisions based on the content of this newsletter.  PACHIU & ASSOCIATES ATTORNEYS AT LAW  36 Spatarului Street, Suite No. 4, Bucharest 2, Romania Phone: +40( 21) 212 00 23 Fax: + 40 (21) 211 56 36 E-mail: office@lp-legal.com Web: www.lp-legal.com    ",143);arrFiles[54]=new Array(55,"pdf/61.pdf","2004-10-16","61.Legal Update (18.09 - 11.10).pub","","","LEGAL UPDATE  PACHIU & ASSOCIATES ATTORNEYS AT LAW Issue No. 61  Special points of interest:  September 18 -- October 11, 2004  PUBLIC AUTHORITIES  Law regarding the Statute of Local Elected Officials Law No. 393/2004 regarding the Statute of Local Elected Officials was published in Official Gazette No. 912 of October 7, 2004 Law No. 393/2004 (the  Law ) establishes the terms and conditions for the exercise of the mandate by the local elected officials. For the purpose of the Law, local elected officials mean local councilors and county councilors, mayors, the general mayor of the Bucharest municipality, deputy mayors, presidents and vice-presidents of the county councils. According to the Law, councilors may form political groups, depending on the political parties or alliances on whose lists they were elected. The mayors and deputy mayors have the obligation to file with the prefect their wealth statement, within three days as of the validation of their mandate (for mayors) and respectively as of their election (for deputy mayors). The presidents and vice-presidents of the county councils shall file their wealth statements with the Ministry of Administration and Internal Affairs, within 10 days as of their election. The local elected officials have the obligation to make public their own interests through an affidavit filed with the secretary of the commune, town, municipality, sector of the Bucharest municipality, respectively with the general secretary of the county or the Bucharest municipality, as applicable. The local elected officials shall be considered as having a particular interest as to a certain matter, if they can foresee that a decision of the public authority of which they are members could represent a benefit or a disadvantage for themselves or for affiliated third parties, as defined by the Law. The register of interests shall be public and may be consulted by any interested person. The Law shall enter into force after 60 days as of its publication with the Official Gazette of Romania. At the same date, certain articles of Law No. 215/2001 on local public administration (articles regarding the joint liability of councilors, mayor \'s mandate, etc) shall be abrogated.  · ·  Law on the Statute of Local Officials  Certification of Professional Competence Acquired through NonFormal Methods Law on Private Scholarships  ·  Inside this issue: Public Authorities Banking Education Consumer Protection 1 1 2 3  BANKING  The reference interest rate for October 2004 Circular No. 24/2004 regarding the reference interest rate of the National Bank of Romania for October 2004 was published in Official Gazette No. 911 of October 6, 2004. The reference interest rate established by the National Bank of Romania for October 2004 is 18.75% per year, lower by 0.49 % than the rate established for September 2004.    Page 2  LEGAL UPDATE  EDUCATION  Order No. 4543-468/2004 issued by the Ministry of Education and Research and the Ministry of Labor, Social Solidarity and Family, for the Approval of the Procedure for Assessment and Certification of Professional Competence Acquired by Non-Formal Methods was published in the Official Gazette No. 903 of October 5, 2004. Order No. 4543468/2004 (the  Order ) establishes the procedure for the authorization of entities which may grant certificates of professional competence, as well as the conditions for granting of such certificates. Any public or private legal entity, either Romanian or foreign, who meets the eligibility conditions and criteria established by the Order, may be authorized by the National Council for Professional Training of Adults to conduct assessments and to issue certificates of prof e s s i o n a l competence acquired through nonformal methods. The eligibility conditions are: · · the legal entity must be legally incorporated; the legal entity must fulfill its payment obligations as taxes, fees and contributions owed in compliance with the legislation in force; to be subject to assessment for the acknowledgement of their professional compet e n c e acquired through methods other than formal, shall contact an authorized center for the relevant occupation/qualification. Persons declared as competent following the assessment process shall be issued a certificate of professional competence for the activities in which they were declared competent. The certificates of professional competence shall be recognized at national level and shall have the legal regime of the graduation papers.  Assessment and certification of professional competence acquired through non-formal methods  The authorization is issued taking into consideration the level of performance of the legal entity, established in accordance with the criteria set forth by the Order. The persons who intend  Law No. 376/2004 regarding the private scholarships was published in the Official Gazette No. 899 of October 4, 2004 Private scholarships represent support for studies granted by a private legal entity or natural person to a beneficiary that may be, as applicable, pupil, student, doctorand or who follows a post-university training in an accredited higher learning institution in Romania or abroad. The agreement under which the private scholarship is granted shall include clauses regarding the method in which the beneficiary must meet its study obligations, as well as all the other terms under which the scholarship is granted. The beneficiary of a private scholarship must present the agreement, for the purpose of its endorsement, with the learning institution/unit in which it is trained. The agreement may include clauses providing for the obligation of the beneficiary to work, for a certain period of time, with the legal entity or the natural person that granted the private scholarship, but only for a position compliant with the graduation degree. For the period during which the private scholarship is granted, the beneficiary shall not work for the entity that granted the scholarship or for another legal entity or natural person appointed by the same. Legal entities that are profit taxpayers, who grant private scholarships shall deduct from the due profit tax the relevant amounts granted as scholarships, if the following conditions are met on a cumulative basis: · the scholarships are within the limit of 3% of the turnover; · the scholarships do not exceed 20% of the due profit tax. The natural persons who conduct independent activit ie s may grant private scholarships within the limit of 5% of the calculation base, established in accordance with the Fiscal Code.  Law regarding private scholarships    CONSUMER PROTECTION  Sanitary-Veterinary Rules for Marking and Certification of Products of Animal Origin for Human Consumption, Except Fresh Meat Order No. 83/2004 issued by the President of the National Sanitary-Veterinary and Food Security Authority for the approval of the Sanitary-Veterinary Rules for Marking and Certification of Products of Animal Origin for Human Consumption, Except Fresh Meat, was published with the Official Gazette No. 927 of October 11, 2004. The products of animal origin (meat, milk and dairy products, fish and egg products) shall be admitted for human consumption only if bearing the mark of the veterinary public health and if accompanied by a public veterinary health certificate. Marking of meat products shall be performed during or immediately after processing by the manufacturing unit or by a packaging or re-packaging center. The form and content of the health mark are established by Order 83/2004 on a differentiated basis for each type of products of animal origin for human consumption. Marking of milk and milk products shall be performed during packaging or immediately after packaging of such products in the unit. Marking of egg products must be performed visibly immediately after obtaining the product in the unit. The public veterinary health certificate for each product of animal origin for human consumption shall be issued by the official veterinary in the processing unit. The public veterinary health certificate shall be issued for each means of transportation of products. Issuance of the public veterinary health certificate is contingent upon the prior verification of the products subject to dispatch as well as of the means of transportation. The original public veterinary health certificate shall accompany the load to its final destination.  Pachiu & Associates is a Romanian registered Law firm. All attorneys are members of the Bucharest Bar and National Union of Lawyers. This document is an update of recent legal developments in Romania and is designed solely for the purpose of information. No part of this newsletter may be reproduced without prior written approval of the authors. It is a breach of law to proceed otherwise and might lead to civil, criminal and administrative liability. The readers are advised to seek advise from a qualified attorney when taking decisions based on the content of this document. Pachiu & Associates undertakes no liability regarding the business or legal decisions based on the content of this newsletter.  PACHIU & ASSOCIATES ATTORNEYS AT LAW  36 Spatarului Street, Suite No. 4, Bucharest 2, Romania Phone: +40( 21) 212 00 23 Fax: + 40 (21) 211 56 36 E-mail: office@lp-legal.com Web: www.lp-legal.com    ",129);arrFiles[55]=new Array(56,"pdf/63.pdf","2005-02-08","63.Legal Update (02.11-30.11).pub","","","LEGAL UPDATE  PACHIU & ASSOCIATES ATTORNEYS AT LAW Issue No. 63  Special points of interest:  November 02--November 30 2004  TAXATION  Amendments to the Fiscal Code Law No. 494/2004 approving Government Ordinance No. 83/2004 amending and supplementing Law No. 571/2003 on Fiscal Code was published in Official Gazette No. 1.092 of November 24, 2004. According to the new amendments, fiscal authorities may not consider a transaction performed by a taxpayer declared inactive by order of the president of the National Agency for Fiscal Administration. Moreover, fiscal bodies may not consider transactions performed with a taxpayer declared inactive by order of the president of the National Agency for Fiscal Administration. The procedure of declaring a taxpayer inactive shall be established under an order. The list of taxpayers declared inactive shall be published in the Official Gazette of Romania, Part I, and shall be made public. Assignment or alienation under any form of shares shall not be permitted, except for those making the object of capital market transactions or stock or fixed assets of taxpayers, without notifying the competent fiscal authorities, for the purpose of performing fiscal-financial verification, at least 60 days prior to completing the assignment or alienation operation. Interest expenses shall be fully deductible in case the indebtedness of the capital is less than or equal to three. If the indebtedness degree of the capital exceeds three, interest expenses and net loss from exchange rate differences shall not be deductible. Until January 1, 2007 fiscal banderoles for alcoholic beverages shall be issued only if the manufacturer attests to payment to the state budget of an equivalent of excises corresponding to the quantity of products whose marking was requested. Any delay in payment of excises exceeding 5 days as of the due date shall result in suspension of the license of the holder of the fiscal warehouse and of its activity prior to payment of the outstanding amounts. As regards the tax on buildings, for public or private buildings in the property of the State or the territorial-administrative units, assigned, subject to concession, given in administration or use, as applicable, tax on buildings shall be the fiscal charge of the concessionaires, tenants, holders of the administration or use right, as applicable. Such provisions shall also apply to public or private land in the property of the State or the territorial-administrative units which are assigned, subject to concession, given in administration or use. The assignment or alienation under any form of shares, except for those subject to transactions on capital markets or stock or fixed assets of taxpayers, without notifying the competent fiscal authorities, for the purpose of performing fiscal-financial verification, at least 60 days prior to completing the assignment or alienation operation shall be construed as an offense.  · ·  Amendment of Fiscal Code Pension funds under private administration Adverti s i n g and sponsorship of tobacco products  ·  Inside this issue: Taxation Social Security Banking Real Estate Information Technology Telecommunications  1 3 4 5 6 6 7 7  Mass Media Regime of foreigners    Page 2 Amendments to the Implementation Rules of the Fiscal Code  LEGAL UPDATE Resolution No. 1.840/2004 amending and supplementing the Implementation Rules to Law No. 571/2003 regarding Fiscal Code, approved under Government Resolution No. 44/2004 was published in Official Gazette No. 1.074 of November 18, 20004. The fiscal authorities in Romania may, for the purpose of determining the fiscal obligation of affiliates, to reconsider the records of an affiliate in Romania, for the purpose of its fiscal verification, if prior to special relationships between the Romanian and foreign affiliate such records do not reflect the real taxable profit obtained in Romania. If Romania concluded a convention for avoidance of double taxation with the state of the resident foreign affiliate, such reconsideration of the records for the purpose of fiscal verification shall be performed by the Romanian authorities by corroboration with the  Amicable Procedure  provided in such convention. The following method may be used upon estimating the market price of the transaction: - price comparison method; - cost-plus method; - resale price method; - any other method recognized in the guidelines regarding the transfer prices issued by the OECD. If a taxpayer grants a loan (credit) to an affiliate or if such affiliate receives a loan (credit), regardless of its purpose or destination, the market price for such service shall consist of the interest that would have been agreed by independent persons for such services supplied under comparable terms, including the credit, respectively the loan administration charge. Upon reporting the loan terms, the interest applied by an independent person under comparable terms and in the same currency area shall be consider. Income obtained in Romania by non-residents from transactions with derivative financial instruments, in compliance with the bank law, shall not be listed in the category of taxable incomes provided at Art. 115 of the Fiscal Code. In the Certificate for fiscal residence or in the document by which the fiscal residence is certified forwarded by non-residents who obtained income in Romania, proof shall be provided that they were residents in the year during which they obtained income in the states with which Romania conc l u d e d conventions for avoidance of double taxation.  Amendments to the Implementation Rules of the Fiscal Code  Double taxation treaties  Law No. 450/2004 ratifying the Convention between Romania and Canada for avoidance of double taxation and prevention of fiscal fraud regarding income tax and capital tax, signed in Ottawa on April 8, 2004 was published in Official Gazette No. 1.043 of November 11, 2004. Law No. 449/2004 ratifying the Convention between Romania and Republic of Estonia for avoidance of double taxation and prevention of fiscal fraud regarding income tax and capital tax, signed in Bucharest on October 23, 2003 was published in Official Gazette No. 1.126 of November 30, 2004. Law No. 448/2004 ratifying the Convention between Romania and Republic of Ethiopia for avoidance of double taxation and prevention of fiscal fraud regarding income tax and capital tax, signed in Bucharest on November 6, 2003 was published in Official Gazette No. 1.057 of November 15, 2004.  Double taxation treaties    Issue No. 63  Page 3 Pension funds under private administration  SOCIAL SECURITY  Law No. 411/2004 regarding pension funds under private administration was published in Official Gazette No. 1.033 of November 9, 2004. The purpose of the system of pension funds under private administration is to secure a private pension which is distinct and additional to the pension granted by the public system, based upon collection and investment, to the benefit of participants, of part of the individual social security contribution. The resources of the pension fund shall be established from the amounts obtained from contributions of the participants and amounts resulting from their investment. A pension fund shall have a minimum of 50,000 participants. Such provisions shall not apply for the period of the first three years as of the date of establishment of the pension fund. The pension fund shall be established under civil society contracts concluded between a minimum of 100 founding members. Pension funds cannot be declared bankrupt. Persons up to the age of 35 becoming for the first time mandatory insured persons and making their contributions to the public pension system shall participate in the pension fund. Persons up to the age of 45, who are already insured and make their contributions to the public pension system, may participate in a pension fund. A person shall not participate in several pension funds at one time and shall hold only one account with his/her pension fund. A person becomes a participant in the pension fund upon signing of an individual joining document, by free initiative or following distribution by the institution of record. After joining or distribution, the participants shall contribute to the pension fund and shall not withdraw from the system of pension funds under private administration for the entire term during which he/she owes social security contributions to the public pension system, until commencement of the right to private pension. Rights of participants may be transferred in other countries of domicile or residence, in compliance with the international agreements and conventions signed by Romania, in the currency of the relevant country or in another currency agreed upon. The participant whose net personal asset is not enough to secure a minimum private pension shall receive a sole payment or payment in installments for a term of a maximum of 5 years, upon request. The contribution to the pension fund shall be part of the social security individual contribution owed to the public pension system and shall be established and transferred under the same terms as provided for the social security contribution. The minimum share capital required for the administration of a pension fund is the equivalent in ROL calculated at the exchange rate of the National Bank of Romania at the date of establishment, of the amount of EUR 5 million. The participants have the right to a private pension as of the date of fulfillment of the conditions for retirement for age limit in the public system. At the date of commencement of the right to a private pension, the amount to which the participants are entitled shall not be lower than the amount of the paid contributions, adjusted with the consumption price index at the date of payment of the relevant contribution and the date of retirement, of transfers of available funds and their accessories, diminished with the transfer penalties and the legal commission. The rights acquired by the participants and beneficiaries in the system of pensions under private administration shall be secured by using the pension security fund. The pension security fund shall be financed from contributions made by the administrators, as well as from income obtained from their investment. This law shall become valid as of July 1, 2006.  Pension funds under private administration    Page 4  LEGAL UPDATE  BANKING  Law No. 443/2004 amending and supplementing Law No. 58/1998 regarding banking activity was published in Official Gazette No. 1.035 of November 9, 2004. According to the new amendments to the banking Law, the minimum level of the initial capital of a bank shall not be less than the equivalent in national currency of EUR 5 million. For the purpose of exercising specific activities, the credit institutions authorized in another member state may use on the territory of Romania their denominations in their state of origin, without prejudice to the provisions regarding the use of denominations such as  dwelling savings bank ,  bank  or other terms used in Romania to denominate credit institutions. In order to avoid potential confusions and for the purpose of providing an appropriate clarification, the National Bank of Romania may request that such denominations are accompanied by an explanatory note. In all their formal documents, branches of credit institutions operating in Romania and authorized in another member state must clearly identify themselves by providing a minimum of details: logo under which they were registered with the register of commerce, principal headquarters, sole registration code, order number in the register of commerce, number and date of registration with the bank register.  New amendments to the Law on banking activity  Rules No. 11/2004 regarding changes in the situation of Banks, E-currency Issuance Institutions other than Banks, Savings Banks for Dwelling Purposes and Branches of Foreign Credit Institutions was published in Official Gazette No. 1.099 of November 25, 2004. Rules regarding changes in the situation of credit institutions The Rules shall apply to credit institutions, Romanian legal entity, as well as to the branches of foreign credit institutions. Therefore, categories of changes are provided in the situations of credit institutions which are subject to the prior approval by the National Bank of Romania, as well as changes which shall be notified to the National Bank of Romania. Such amendments shall be registered with the Register of Commerce. On the date of entering into force of such Rules, the Rules No. 3/1999 of National Bank of Romania regarding changes in the situations of banks shall be abrogated.  Order No. 1.682/1.820/2004 approving Implementation Rules in application of Law No. 541/2002 for collective savings and crediting in the dwelling field was published in Official Gazette No. 1.107 of November 26, 2004. The Rules provide for the persons entitled to receive state premiums and the premium rates, conditions for granting a state premium as well as establishing, the method of granting and reimbursement of state premiums. Consequently, State premiums shall be granted to citizens, natural persons with Romanian citizenship and their domicile in Romania, who concluded a Savings-Crediting Contract with a savings bank for dwelling purposes. The state premium shall be 30% of the amount saved by a client in a calendar year and shall not exceed the monthly gross average salary on economy. The client of the savings bank for dwelling purposes shall benefit from the state premium on an annual basis, provided that it concludes a savings-crediting contract for a term of a minimum of five (5) years and provided that the savings bank, at the request of the client, have not performed any full or partial reimbursements of the saved amount are performed prior to the savings expiry term established in the contract (with certain exceptions).  Collective savings and crediting in the dwelling field    Issue No. 63 The reference interest rate for November 2004  Page 5  Circular No. 25/2004 regarding the reference interest rate of the National Bank of Romania for November 2004 was published in Official Gazette No. 1.020 of November 4, 2004.  The reference interest rate established by the National Bank of Romania for November 2004 is 18.75% per year.  REAL ESTATE  Decision No. 408/2004 regarding claim of unconstitutionality of the provisions of Art. 3 para 1 of Law No. 54/1998 regarding the juridical circulation of land was published in Official Gazette No. 1.054 of November 15, 2004. The object of the claim of unconstitutionality is Art. 3 para 1 of Law No. 54/1998 regarding the juridical circulation of land, according to which  Foreign citizens or stateless persons cannot acquire ownership titles over land.  The author of such claim states that the criticized legal provisions run counter to the constitutional provisions of Art. 44 para 2 and Art. 46 according to  Private ownership is guaranteed and protected by the law on an equal basis, regardless of owner. Foreign citizens or stateless persons may acquire private ownership titles over land only as a result of Romania \'s joining the European Union or in compliance with other international treaties concluded by Romania on a mutual basis, in the conditions provided by the organic law, as well as by legal heritage.  The Constitutional Court hereby resolves to accept the claim of unconstitutionality and acknowledge that, in compliance with the constitutional provisions of Art. 154 para 1, the provisions of Art. 3 para 1 of Law No. 54/1998 regarding the juridical circulation of land are no longer in force to the extent that they run counter to the provisions of Art. 44 para 2, second thesis of the republished Constitution.  The unconstitutionality of provisions of Art. 3 of Law on the juridical circulation of land  Law No. 499/2004 approving Government Emergency Ordinance No. 41/2004 amending and supplementing Cadastre and Real Estate Registration Law No. 7/1996 was published in Official Gazette No. 1.069 of November 17, 2004. A land book office shall be established in the jurisdiction of each court of law, as a subordinate unit of the Cadastre and Real Estate Registration Office that shall take over the assignments of the current land book offices of the courts. The real estate publicity fees can be collected by the public notaries on behalf of National Agency of Cadastre and Real Estate Publicity. The position of registrar within the cadastre and Real Estate Registration Office shall be occupied upon contest organized by the National Agency. The candidates must be graduates of an accredited school of law and a length of service of at least five years in the legal activity. Upon authentication of documents under which an interest in real property is established, changed or terminated, the notary public shall request a land book excerpt or, according to the case, an encumbrance certificate. For the validity of the land book excerpt, the registrar shall not perform any registration with the land book, except that for which issuance of the excerpt was requested.  Amendment of the Cadastre and Real Estate Registration Law    Page 6  LEGAL UPDATE  INFORMATION TECHNOLOGY  Law No. 451/2004 regarding temporal mark was published in Official Gazette No. 1.021 of November 5, 2004. Law No. 451/2004 (the  Law ) establishes the juridical regime of the temporal mark and supply conditions of temporal markup services. According to the Law,  the temporal mark  is construed as a data collection in electronic form affixed in a sole manner to an electronic document; it certifies the fact that certain data in electronic form were presented at a determined moment in time to the supplier of temporal markup services. Suppliers of temporal markup services have the obligation to establish and maintain an operative electronic register recording the moment in time at when the temporal marks were issued. The supplier of temporal markup services shall avail of protective financial instruments to cover the damage that may be incurred during the performance of activities related to temporal markup. The Law shall enter into force within 30 days as of its publication in the Official Gazette of Romania.  Law regarding temporal marks  TELECOMMUNICATIONS  Law No. 506/2004 regarding personal data processing and protection of private life in ecommunication was published in Official Gazette No. 1.101 of November 25, 2004. Law No. 506/2004 (the  Law ) provides the specific conditions to guarantee the right to protection of priv a t e life in the ecommunications personal data processing. The provisions of the law shall be applied to providers of public e-communications networks and providers of e-communications services to the public, as well as to providers of value-added services and to providers of subscriber registers, within commercial activities, processing personal data. According to the law, the provider of ecommunications services to the public must take all the appropriate technical and organizational measures for the purpose of guaranteeing service safety. Conditions in which providers must meet such obligation shall be established by the National Authority for Communications. Confidentiality of communications rendered through public e-communications networks and of ecommunications services to the public, as well as confidentiality of related traffic data shall be guaranteed. Traffic data regarding subscribers and users, processed and stored by the provider of a public e-communications network or by the provider of e-communications services to the public, must be deleted or turned into anonymous data when no longer necessary upon rendering of a communication. The law also provides that commercial communications is not permitted by using automatic calling systems that would require intervention of a human operator, by fax or e-mail or by any other method using the services of e-communications for the public, except for the case in which the involved subscriber granted its prior explicit consent to receive such communications. Commercial communications is not permitted by email in which real identity of a person on whose behalf such communications are made is not disclosed or in which a valid address is not specified to which the sender may render its request regarding cessation of such communications. On the date of entering into force of this law, Law No. 676/2001 regarding personal data processing and protection of private life in telecommunications sector shall be abrogated.  Personal data processing and protection of private life in ecommunication    Issue No. 63  Page 7  MASS MEDIA  Law No. 457/2004 on advertising and sponsorship of tobacco products was published in Official Gazette No. 1.067 of November 17, 2004. In accordance with Law No. 457/2004 (the  Law ) advertising of tobacco products shall be forbidden: - in the written press and other printed materials, except for announcements explicitly provided by law; - broadcasted in public or private radio and television programs; - in cinema theaters; - on advertising boards, canvas covers, or display structures for which display taxes are due for advertising and publicity; - through information society services; - by use of tobacco trademarks for products and services, which are not related to tobacco products; - by sale of sweets and toys designed for children and manufactured with obvious purpose to give to the product/packaging the resemblance with a tobacco product. Advertising for tobacco products is allowed only in publications for professionals in the tobacco industry and in publications which were not edited or printed in Romania or in an EU member state and which are not designed mainly for the Romanian market or for the community market. Sponsorship of tobacco products, for events or activities which have crossborder effects or which involve or take place in at least two EU member states, one of which is Romania, shall be forbidden. Free distribution of tobacco products in the context of sponsoring the abovementioned events having as effect direct or indirect promotion of tobacco products is also forbidden. The Law comes into force on December 31, 2006.  Advertising and sponsorship of tobacco products  REGIME OF FOREIGNERS  Law No. 482/2004 amending and supplementing Government Emergency Ordinance No. 194/2002 regarding the regime of foreigners in Romania was published in Official Gazette No. 1.116 of November 27, 2004. According to the Law on the regime of foreigners (the  Law ) the foreigner, holder of a permanent residence right, shall be treated, in compliance with the legal provisions, on an equal basis as if a Romanian citizen, as regards: · access on a labor market, provided that the performed activity does not imply, even occasionally, exercising of certain powers of the public authorities; · access to all forms of education; · validation of studies and recognition of diplomas, of certificates and other qualifications, in compliance with the national provisions; · social security, social assistance and health and social protection; · deduction of tax on global income and tax exemptions; · access to public goods and services, including obtaining a house for residence; · Freedom of association, affiliation and membership of trade union or professional organizations.  The Law also provides assistance measures regarding transit in case of return by airfare among EU member states. The decisions for removal of foreigners, Amendments of the Law citizens of third states, from the territory on the regime of of the EU member states are recognized by foreigners the Romanian state and shall be applied by the Authority for Foreigners in the following cases: - the removal decision is taken on grounds of public order and national security; - the removal decision is taken as a result of the foreigner \'s failure to meet the conditions regarding entry and residence of foreigners on the territory of the involved member state. Foreigners, citizens of third states or stateless persons, with a permanent residence right in the EU member states, may    Issue No. 63  Page 8  enter and reside on the territory of Romania for a period of 90 days during a period of six months, without the obligation to obtain entry visas. The persons above-mentioned may be granted an extension of their temporary residence right, without meeting the prior conditions for issuance of a long-term residence visa, in compliance with the terms of this emergency ordinance.  Pachiu & Associates is a Romanian registered Law firm. All attorneys are members of the Bucharest Bar and National Union of Lawyers. PACHIU & ASSOCIATES ATTORNEYS AT LAW  36 Spatarului Street, Suite No. 4, Bucharest 2, Romania Phone: +40( 21) 212 00 23 Fax: + 40 (21) 211 56 36 E-mail: office@lp-legal.com Web: www.lp-legal.com  This document is an update of recent legal developments in Romania and is designed solely for the purpose of information. No part of this newsletter may be reproduced without prior written approval of the authors. It is a breach of law to proceed otherwise and might lead to civil, criminal and administrative liability. The readers are advised to seek advise from a qualified attorney when taking decisions based on the content of this document. Pachiu & Associates undertakes no liability regarding the business or legal decisions based on the content of this newsletter.    ",218);arrFiles[56]=new Array(57,"pdf/62.pdf","2004-11-20","62.Legal Update (12.10-01.11).pub","","","LEGAL UPDATE  PACHIU & ASSOCIATES ATTORNEYS AT LAW Issue No. 62  Special points of interest:  October 12 -- November 01, 2004  INSURANCE  Amendments to the law on insurance companies and insurance supervision Law No. 403/2004 amending and supplementing Law No. 32/2000 regarding insurance companies and insurance supervision was published in Official Gazette 976 of October 25, 2004. Law No. 403/2004 (the  Law ) brings important amendments to Law No. 32/2000 on insurance companies and insurance supervision, by implementing into the Romanian legislation the provisions of the relevant EU Directives. The amendments are focused on creating the legal framework for the provision of insurance services in Romania by entities established in an EU member state or in a state outside EU, as well as the provision of insurance services in an EU member state by Romanian entities. In this respect, new chapters were added: Chapter III1: The right of residence and services supply freedom of insurers, Chapter III2: Rules applying to subsidiaries in Romania of an insurer with its social headquarters outside EU, and Chapter III3: Rules applying to branches of parent companies governed by law of a third state, and for a parent company acquiring the capacity of significant shareholder. The Law comprises an extensive part of definitions. New definitions were added - definition of member states, host member states, insurance holdings, joint insurance holdings, etc. The Law also amended some definitions - the definition of insurer was amended by including the branches of an insurance company or a mutual company from a member state which obtained a permit from the competent authority of the origin member state; the definition of significant shareholder was amended by increasing the shareholding threshold from 5% to 10%. The Law has a special paragraph of definitions for insurance and reinsurance mediators. Reinsurance agents and reinsurance brokers as well as reinsurance mediation activity are defined separately from insurance agents, insurance brokers and insurance activity. An important amendment is the interdiction for an insurer to conduct both life insurances and general insurances. By way of exception, providing of life insurance may be cumulated with providing of accident insurances and health insurances. As concerns the insurance/ reinsurance mediation activities, the Law establishes more severe conditions for the authorization of agents and brokers. The insurance agents natural persons must be author-  ·  Amendments to the insurance companies law Simplification of incorporation procedures Order regarding business incubators  ·  ·  Inside this issue: Insurance 1  Incorporation 2 Consumer Protection Corporate Taxation 3 3 4  ized and/or registered with the competent authorities, must have specialized professional training and/or knowledge and skills compliant with the practice of such activity, must hold a valid insurance policy for professional civil liability or an equivalent security provided by an insurer on whose behalf the insurance agent works, valid for the European Community and for the European Economic Area. The name of the insurance brokers must comprise the following words, according to the case:  insurance broker  or  insurance-reinsurance broker  or  reinsurance broker . Insurance brokers also have the obligation to hold a valid insurance policy for professional civil liability for the European Community and for the European Economic Area. As concerns the freedom to supply insurance services, the    Page 2 Law provides that the authorization granted to an insurer by the Insurance Supervisory Commission shall be valid in the European Community and the states in the European Economic Area, in compliance with the residence right and services supply freedom conditions. Any insurer with its social headquarters outside the European Union intending to establish a subsidiary or an agency in Romania must request a formal authorization by the Insurance Supervisory Commission. Within 90 days as of enforcement of the Law, the Insurance Supervisory Commission shall issue implementation norms for the amended version of Law No. 32/2000. The Law entered into force after three days as of its publication with the  LEGAL UPDATE Official Gazette of Romania. The definitions an provisions of the Law involving Romania \'s status of EU member state, as well as certain provisions regarding the name of the authorization granted for several insurance classes and provisions regarding auxiliary risks shall apply as of the date of Romania \'s adherence to the European Union.  INCORPORATION  Emergency Government Ordinance No. 75/2004 amending and supplementing Law No. 359/2004 regarding simplification of formalities of registration with the Register of Commerce of natural persons, family associations and legal entities, their fiscal registration as well as operation licensing of legal entities was published in the Official Gazette No. 932 of October 12, 2004. The main amendment brought by G.E.O. 75/2004 concerns the issuance of the operation licenses based on the affidavit of the economic agent attesting the observance of the conditions imposed by law for developing the respective activity. The applicant shall file, together with the application for incorporation, a standard affidavit, signed by the shareholders or the administrators, attesting as applicable that: a. the legal entity does not perform the stated activities at the principal or secondary headquarters, for a period of a maximum of three years; b. the legal entity observes the conditions for operation provided by the specific rules regarding fire prevention and management, sanitary, sanitaryveterinary, environment protection and labor protection, for the activities stated in the affidavit. If the competent public authorities establish that the legal conditions for operation are not met, they notify this to the applicant, at its registered headquarters, granting a term for remedy of such irregularities. The term shall start as of the date of receipt of the notification and may be extended at the explicit request of the applicant filed with the competent public authorities. The activities with a significant impact on environment shall be licensed as regards environmental protection by the environmental protection competent bodies, at their headquarters. The licensing procedure and the list of activities with significant impact on environment shall be established by an order of the minister of environment and water management, within 30 days as of enforcement of Law No. 395/2004. The term for issuance of the certificate of incorporation and, as applicable, of the certificate for registration of amendments, shall be three days, respectively five days, calculated as of the registration of applications, unless delegate judge resolves otherwise . G.E.O. 75/2004 entered into force after 30 days as of its publication in the Official Gazette of Romania.  Simplified procedure for incorporation and authorization of companies    Issue No. 62  Page 3  CONSUMER PROTECTION  Order of the Ministry of Agriculture, Forests and Rural Development No. 690/2004 on the approval of the Rules regarding the Terms and Criteria for Certifying Traditional Products was published in the Official Gazette No. 938 of October 14, 2004. The traditional product is the product obtained from traditional raw materials, which has a traditional composition or method of production and/or processing reflecting a traditional technological production process and/or processing, which clearly distinguish it from other similar products of the same category. Certification of traditional products is the recognition of traditionalism of a product through its registration with the traditional products register kept by the Ministry of Agriculture, Forests and Rural Development. Registration is not allowed for a product the traditionalism of which is due to: a. its geographical source and origin; b. the application of a technological innovation For the purpose of being certified as a traditional product, such product should be compliant with a specifications file, comprising mainly information about the method of production and description of the product features attesting its traditionalism.  Certification of Traditional Products  CORPORATE  Order of the President of the National Agency for Small and Medium Enterprises No. 215/2004, approving the Procedure for Implementing the Multi-annual National Program for the Period 20022005 for Establishing and Developing Business Incubators was published in the Official Gazette No. 928 of October 12, 2004. The program shall be initiated with a pilot stage, namely the establishment of three business incubators in the areas of Hunedoara, Brasov and Alba. The business incubator shall be established under a joint-venture contract between representatives of the local public authorities, commercial entities, Agencies for Regional Development. Such entities hold the capacity of local partners and must have the ability to host and administrate a business incubator , to provide technical assistance and to instruct the potential entrepreneurs during the period prior to the incubation. The joint-venture contract shall provide specific clauses regarding the term of the contract, the contribution of the parties for the purpose of ensuring the joint services and incentives offered by the business incubator, the conditions for providing an incubator space and utilities. Through the Administrator of the Incubator, which shall be a subcontracted company, the small and medium-size enterprises shall benefit from financial and technical assistance within the program. The Administrator of the Incubator shall be selected under the public acquisition procedure provided by the legislation in force. The Administrator of the Incubator shall manage the activity of the Business Incubator, benefiting from financial and technical assistance granted under the program. The beneficiaries of the program shall be potential entrepreneurs established as commercial entities organized in compliance with Law 31/1990 regarding companies, republished, and Law 346/2004 regarding incentives for the establishment and development of small and medium-size enterprises ( SME ), which cumulatively meet at the date of request the eligibility criteria mentioned by Order 215/2004.  Business Incubators    TAXATION  Charter of Rights and Obligations of Taxpayers during Fiscal Inspections Order of the President of the National Fiscal Administration Agency No. 713/2004 on the approval of the Charter of Rights and Obligations of Taxpayers during Fiscal Inspections was published in the Official Gazette No. 977 of October 25, 2004. Prior to performing the fiscal inspection, the fiscal body shall send to the taxpayer a written fiscal inspection notice, as follows: - 30 days prior to commencement of the fiscal inspection, for major taxpayers; 15 days prior to commencement of the fiscal inspection, for other taxpayers. The taxpayer may request postponement of the date of commencement of the fiscal inspection only once and on justified grounds. The fiscal inspection shall be performed once for each tax, fee or social contribution and for each period subject to verification/taxation. However, if additional data subsist upon conclusion of the fiscal inspection and until the date of commencement of the prescription term, which are not known by the fiscal inspection bodies upon verification, or in case of calculation errors that would impact on such results, the competent chief of fiscal inspection may decide a second verification. Priests, lawyers, notaries public, fiscal consultants, court executors, auditors, expert accountants, medical doctors and psychotherapists may refuse to supply information regarding data of which they became aware during the exercise of their profession. If, during the fiscal inspection, the taxpayer is subject to withholding of documents, acts, writs, registers and financialaccounting documents or any material element attesting to the establishment, registration and payment of the fiscal obligations by the same, the fiscal inspection body shall draft a document mentioning all elements required to individualize the relevant proof or evidence, mentioning that such was withheld by the fiscal body, in compliance with law. If a taxpayer is unsatisfied with the outcome of the fiscal inspection, it may challenge the decision for taxation issued by the fiscal inspection body on such occasion. The challenge shall be filed in writing within 30 days as of notification of the outcome of the fiscal inspection with the fiscal body whose document is challenged. The duration of the fiscal inspection may not exceed 3 months. For major taxpayers and taxpayers with secondary offices the length of the inspection may not exceed 6 months. Regardless of the place in which the fiscal inspection is performed, the fiscal inspection body has the right to inspect any business location of the taxpayer or any other locations where taxable goods exist or in which activities are performed from which income is obtained, in the presence of the taxpayer or a person appointed by such taxpayer. Upon the taxpayer \'s consent and with the approval of the fiscal inspection body, the fiscal inspection may be performed also outside the taxpayer \'s regular business hours.  Pachiu & Associates is a Romanian registered Law firm. All attorneys are members of the Bucharest Bar and National Union of Lawyers. This document is an update of recent legal developments in Romania and is designed solely for the purpose of information. No part of this newsletter may be reproduced without prior written approval of the authors. It is a breach of law to proceed otherwise and might lead to civil, criminal and administrative liability. The readers are advised to seek advise from a qualified attorney when taking decisions based on the content of this document. Pachiu & Associates undertakes no liability regarding the business or legal decisions based on the content of this newsletter.  PACHIU & ASSOCIATES ATTORNEYS AT LAW  36 Spatarului Street, Suite No. 4, Bucharest 2, Romania Phone: +40( 21) 212 00 23 Fax: + 40 (21) 211 56 36 E-mail: office@lp-legal.com Web: www.lp-legal.com    ",183);arrFiles[57]=new Array(58,"pdf/59.pdf","2004-09-21","59. Legal Update (04.08-03.09).pub","","","LEGAL UPDATE  PACHIU & ASSOCIATES ATTORNEYS AT LAW Issue No. 59 04 August -- 03 September 2004  TAXATION  Special points of interest: · · New amendments of the Fiscal Code Amendment of the Accounting Law Government Ordinance No. 83/2004 amending and supplementing Law No. 571/2003 the Fiscal Code was published in Official Gazette No. 793 of August 27, 2004 1. Profit Tax Ordinance No. 83/2004 (hereinafter the ,,Ordinance ) amends the definition of affiliated entities. For the purpose of an affiliation relationship between a legal entity and another legal entity or natural person, the latter must hold at least 25% of the share capital of the legal entity to which it is affiliated (as compared to 33%, as provided by the initial version of the Fiscal Code). The standard rate of profit tax is decreased from 25% to 19%. If the indebtedness ratio of the capital is higher than one, r e s p e c t i v e l y t h r e e , the expenses with interests and the net loss from the currency exchange difference shall be considered as non-deductible and shall be reported in the following fiscal period. A major amendment concerns the taxation of capital gains obtained by legal entities from the sale/assignment of real estate located in Romania or shares in a Romanian company. Such capital gains are subject to 10% taxation rate, if the taxpayer held the real estate or the shares for a period exceeding two years and the person who acquires the real estate or the shares is not an affiliate of the taxpayer (cumulative conditions). The requirement that the real estate or the shares are purchased by the taxpayer after December 31, 2003 is abrogated. 2. Tax on Income The Ordinance amends the annual taxation thresholds for anticipated payments and the monthly thresholds for the monthly salaries and pensions taxes, as well as the value of the income taxe. In case of annual revenues up to ROL 32,400,000, the taxation rate shall be 14%; for annual incomes exceeding ROL 174,000,000, the taxation rate shall be 41,352,000 + 38% of what exceeds ROL 174,000,000. Also explicitly provided is the fact that the compensations for directors as well as the amount of the net profit to which directors are entitled in compliance with the Articles of Incorporation or the Resolution of the General Assembly of Shareholders, represent incomes assimilated to salaries and shall be subject to taxation in compliance with the same limits. Incomes under the form of d i v i d e n d s ob t a i n e d b y taxpayers natural person shall be subject to 10% withholding tax (as compared to 5%, until the enforcement of the Ordinance). According to the Ordinance, in case of sale of shares or securities with payment of the price in installments, the payment term for the capital gain tax shall be until the 25th day, inclusively, of the month following the one in which the tax was withheld. The transfer of the ownership title over shares or securities shall not be registered with the Register of Commerce and the Shareholders \' Register without a proof of payment of the capital gain tax to the State budget. Incomes from liquidation or dissolution without liquidation of the legal entity are also included in the category of incomes from investments, such being subject to a taxation rate of 10%. 3. Value Added Tax The Ordinance provides ,,simplified measures  for VAT payment. Therefore, for the delivery of ferous metal waste, as well as land, buildings or parts of buildings, the suppliers shall mention ,,reverse taxation  on the issued invoice and shall mention the VAT both as a collected and deductible tax, without effective VAT payment between the supplier and the beneficiary.  Inside this issue:  Taxation Banking Accounting Incorporation Social Security Competition Public Acquisitions  1 2 3 4 4  5  5    Page 2 Order No. 1.219/2004 approving the implementation Rules of the procedure of granting certificates for VAT exemption in customs for imports provided by Article 157 para. (3) of Law No. 571/2003 on the Fiscal Code was published in Official Gazette No. 737 of August 16, 2004. In compliance with Article 157 para. (3) of Law No. 571/2003, on the Fiscal Code the persons registered as VAT payers who obtain the exemption certificates for the imports of certain goods (industrial machines, technological equipment, installations, raw material, etc) shall not make the effective payment with the customs authorities. The VAT exemption certificate shall be issued by the fiscal authority located in the territorial unit where the importer is registered as tax payer. The value of imports mentioned in the exemption certificates shall not comprise the customs duties and the customs commissions. The customs authorities shall grant the exemption from VAT payment in customs not only for the value mentioned in the exemption certificates, but also for the entire taxation base for imports of goods governed by the provisions of Article 139 of Law No. 571/203 on the Fiscal Code. An importer may obtain one or more exemption certificates for VAT exemption in customs during a fiscal year. On the date of entering into force of the implementation Rules, Order No. 1.844/2003 approving the Rules on the procedure of granting of the exemption certificates for VAT exemption in customs for imports provided by Article 157 para. (3) of Law No. 571/2003 on the Fiscal Code shall be abrogated.  The implementation Rules for VAT exemption in customs for certain imports  BANKING  National Bank of Romania Norms No. 8/2004 on the amending and supplementing of National Bank of Romania Norms No. 13/2002 regarding the minimum capital of credit co-operatives and the minimum aggregate capital of credit co-operative networks was published in Official Gazette No. 747 of August 17, 2004. The value of the minimum amount of the capital and own funds of a central house of credit co-operatives was increased to the ROL equivalent of EUR 5 million. The minimum aggregate capital of a credit cooperative network was increased to the ROL equivalent of EUR 10 million. The aforementioned thresholds must be observed until July 1, 2006.  Regulations regarding credit co-operatives  National Bank of Romania Norms No. 7/2004 on the authorizing of credit co-operatives was published in Official Gazette No. 797 of August 30, 2004. The norms provide for the authorizing procedure of the credit co-operatives, the conditions, the terms and documents which must be submitted to the National Bank of Romania for obtaining the authorization.    Issue No. 59 Circular No. 18/2004 of the National Bank of Romania regarding the reference interest rate for August 2004 was published in Official Gazette No. 716 of August 9, 2004. The reference interest rate established by the National Bank of Romania for August 2004 is 20.29 % per year, lower by 0.46 points than the rate established for July 2004. Circular No. 20/2004 regarding withdrawal from circulation and cessation of circulation of the bill of ROL 2,000 ­ the 1999 emission, engraved on the polymer support was published in Official Gazette No. 781 of August 25, 2004. The National Bank of Romania shall withdraw from circulation the bill with the nominal value of ROL 2,000 ­ the 1999 emission, engraved on the polymer support starting with September 1, 2004. After November 30, 2004 the circulation of the bill of ROL 2,000 shall cease.  Page 3  The reference interest rate for August 2004  The withdrawal from circulation of the ROL 2,000 bill  ACCOUNTING  Government Ordinance No. 94/2004 providing for certain financial measures was published in Official Gazette No. 803 of August 31, 2004. The amendments refer to the situations when legal entities may perform payments in cash. The maximum amount which may be paid in cash by the legal entity is ROL 100,000,000 per day. The payment to a single legal entity shall be permitted only in the limit of the amount of ROL 50,000,000, excepting payments to Cash & Carry stores which may not exceed ROL 100,000,000 per day The amount in cash which may be kept in the legal entity \'s cash register should not exceed the amount of ROL 50,000,000 at the end of the day. Amendment of Government Ordinance No. 15/1996 regarding the consolidation of the currency ­ financial discipline  Government Ordinance No. 70/2004 amending and supplementing Accounting Law No. 82/1991 was published in Official Gazette No. 773 of August 24, 2004. The annual financial statements must be accompanied by a statement issued by the director, the credit authorizing officer or the person in charge with the management of the legal person, who must certify that: · the accounting policies used for the drafting of the annual financial statements are in compliance with the applicable accounting regulations; · the annual financial statements present an accurate image of the financial position and other financial information regarding the activity of the legal person; · the activity of the legal person is uninterrupted. The legal persons who have the obligation to use the combined accountancy system must publish their annual financial statements, the director \'s report and the auditors \' report. These provisions apply also to branches opened in Romania by foreign companies. The terms for registering the annual financial statements with the fiscal authority were extended to 150 days as of the end of the financial year, for legal entities who apply accounting regulations compliant with the International Financial Reporting Standards, 120 days for other legal persons except legal entities who did not develop activity since incorporation - for such entities the legal term is 60 days. The penalties for minor offenses were increased up to ROL 300,000,000. The ordinance also provides that the turnover of the company is a criterion for establishing the amount of the penalty.  Amendments of the Accounting Law    Page 4  INCORPORATION  Government Ordinance No. 72/2004 amending Article 39 of Law No. 26/1990 on the trade register was published in Official Gazette No. 791 of August 27, 2004. According to the new amendment of the Law regarding the trade registry, the registration of a company name which contains the expression  academic-scientific ,  academy ,  university ,  school  and their assimilated words is forbidden. The registration of a company name which contains the words or expression  national ,  Romanian ,  institute , and their assimilated words or expressions used for public authorities and central public institutions, the approval of the Government General Secretary shall be necessary. The registration of a company name which contains a word or expression typical for public authorities and local public institutions shall be performed only with the approval of the prefect from the territorial unit where the company established its headquarters. In case the name of the companies registered prior to the date of entering into force of such provisions contain the words or expressions  academic-scientific ,  academy ,  university ,  school  and their assimilated words, the legal entity shall change the company name within three months as of the date of entering into force of such provisions.  New amendments of Law No. 26/1990  SOCIAL SECURITY  The implementation Rules regarding the granting of credits from the unemployment insurance budget in advantageous conditions, respectively non-reimbursable funds, to small and medium size enterprises, cooperative units, family associations and natural persons which perform economic activities independently was published in Official Gazette No. 706 of August 5, 2004. The Labor, Social Solidarity and Family Ministry and the National Bank of Romania issued the implementation Rules for the purpose of governing the conditions of granting and reimbursement of credits in advantageous conditions and granting of the nonreimbursable funds from the unemployment insurance budget. The beneficiary of credits granted in advantageous conditions are: · small and medium size enterprises; · handicraft cooperatives and consumption cooperatives; family associations; natural persons carrying on economic activities independently; unemployed workers who undertake the obligation to establish small and medium size enterprises, cooperative units, family associations or to become natural persons carrying on economic activities independently; persons under the age of 30 who are students for the first time in daily courses. The Rules also provide the procedure for the appointment of a bank or an authorized agency to grant credits in advantageous conditions, respectively nonreimbursable funds from the unemployment insurance funds, as well as the conditions of granting, use of such credits and funds and establishing guarantees. On the date of entering into force of such provisions, implementation Rules No.394/2002 shall be abrogated.  · · ·  Credits from the unemployment insurance budget  ·    COMPETITION  Government Ordinance No. 94/2004 providing for certain financial measures was published in Official Gazette No. 803 of August 31, According to the new amendment of the Law on the state aid, the state aid granted to individual consumers and the state aid granted in case of natural calamities and unpredicted events shall be considered compatible with the regular competition environment and shall be notified to the Competition Council. The Competition Council shall analyze if such aid is granted to the individual consumers without discrimination regarding the origin products or services or such aid leads to elimination of the effects caused by the natural calamities or unpredicted events. Amendment of Law No. 143/1999 on the state aid  PUBLIC ACQUISITIONS  Government Ordinance No. 75/2004 amending Government Emergency Ordinance No. 60/2001 on public acquisitions was published in Official Gazette 774 of August 24, 2004. contracting authority may not be invoked as a reason for updating of the price of the contract. The ordinance establishes increased penalties for minor offenses.  According to G.O No. 75/2004, the bidder has the obligation to express the price of the financial offer not only in ROL, but also in EURO. The ordinance also provides that exceeding of the contractual terms by exclusive fault of the  The amendment of the Ordinance on public acquisitions  Pachiu & Associates is a Romanian registered Law firm. All attorneys are members of the Bucharest Bar and National Union of Lawyers. This document is an update of recent legal developments in Romania and is designed solely for the purpose of information. No part of this newsletter may be reproduced without prior written approval of the authors. It is a breach of law to proceed otherwise and might lead to civil, criminal and administrative liability. The readers are advised to seek advise from a qualified attorney when taking decisions based on the content of this document. Pachiu & Associates undertakes no liability regarding the business or legal decisions based on the content of this newsletter.  PACHIU & ASSOCIATES ATTORNEYS AT LAW  36 Spatarului Street, Suite No. 4, Bucharest 2, Romania Phone: +40( 21) 212 00 23 Fax: + 40 (21) 211 56 36 E-mail: office@lp-legal.com Web: www.lp-legal.com    ",144);arrFiles[58]=new Array(59,"pdf/58.pdf","2004-09-21","58. Legal Update (22.07 - 03.08).pub","","","LEGAL UPDATE  PACHIU & ASSOCIATES ATTORNEYS AT LAW Issue No. 58  Special points of interest:  22 July--03 August 2004  BANKING LAW  Re-denomination of the National Currency Law No. 348/2004 regarding the re-denomination of the national currency was published in Official Gazette No. 664 of July 23, 2004 As of July 1, 2005, the national currency shall be redenominated, by decreasing the face value of the ROL. Consequently 10,000 old ROL shall be changed for one new ROL. The new ROL shall be divided in 100 bani. Starting with the same date, the National Bank of Romania ( NBR ) shall issue the new banknotes and coins. The old banknotes and coins will be valid in circulation until 31 December 2006. After such date, NBR shall be the sole institution authorized to change the old currency instruments with new ones. Between March 1, 2005 and June 30, 2006, the prices and tariffs of goods and services must be communicated in both old and new ROL. The breach of this obligation is considered a minor offence and punished with fine between ROL 10,000,000 and ROL 30,000,000. As of July 1, 2005, the National Office of Trade Registry shall register, ex officio, the re-denomination of the share capital and the nominal value of shares of the legal entities registered with the Trade Registry, and shall publish on its official web site the old values as well as the new values resulted from the redenomination. The financial situations shall be drawn up both in new and old ROL, beginning with July 1, 2005. The annual financial situation for 2005 must be drawn up in new ROL. All amounts expressed in old currency provided for by the legal provisions issued previous to July 1, 2005 shall be replaced by the new currency, by dividing such amounts with 10,000.  · · · ·  Re-denomination of the National currency New law on small and medium enterprises Law on decentralization The Statute of the legal advisor  Inside this issue: Banking Incorporation Fiscal Law Public Administration Public Authorities Labor Law  Mass Media Real Estate Natural Resources Legal Profession  1 2 2 3 3 3  4 5 5 6  Increased penalties for banks which breach observe the regulations of the Payment Incidents Bureau Note No. 15/2004 issued by the National Bank of Romania, regarding the amendment of Regulation No. 1/2001 on the organizing and the functioning of the Payment Incidents Bureau was published in Official Gazette No. 689 of July 30, 2004. The Note provides for in- under banking interdiction creased penalties in case of shall be liable to pay fines up annulment by banks of the to ROL 50,000,000. payment incidents which were notified to the Payment Incidents Bureau ( PIB ), in case of failure to notify or delayed notification of a payment incident to PIB. The banks which issue cheques to account holders    Issue No. 58  LEGAL UPDATE  Circular No. 17/2004 of the National Bank of Romania regarding the commissions charged by the National Bank of Romania in order to perform currency operations was published in Official Gazette Commissions charged No. 690 of July 30, 2004. by the National Bank of Romania in order For currency operations performed by the accounts of European Commission and interNational Bank of Romania in accounts national organizations. to perform currency opened in its records commissions shall be The Circular shall enter into force on July 30, operations established and charged, except for the 2004.  INCORPORATION  Law No. 346/2004 regarding the stimulation of establishing and developing of small and medium enterprises was published in Official Gazette No. 681 of July 29, 2004. According to Law No. 346/2004 (the  Law ), small and medium enterprises ( SME ) are the enterprises which meet cumulatively the following conditions: - their annual average number of employees does not exceed 250; - their annual turnover does not exceed Euro 8 million or their annual result of the balance sheet does not exceed the ROL equivalent of Euro 5 million; - they meet the independence criteria set forth by the Law. An enterprise is considered to be independent if it does not have as shareholder one enterprise or several enterprises acting jointly, which are not SME-s and which hold 25% or more of the share capital. The Law sets forth preferential conditions for the access of the SME-s to public services and to assets owned by autonomous regies, national companies/ corporations and stateowned companies. SME-s have a preemption right for the purchasing of assets owned by the aforementioned entities. SME-s have preferential access to public acquisitions of goods and services and benefit of 50% discount as concerns the turnover condition, the participation guarantees and the good performance guarantees. The Law also provides that, in case of share assignment or transfer of the goodwill of SMEs to third parties, for free, usually for the purpose of ensuring the continuing of the commercial activity within the same family, the National Agency for SME-s and Cooperation shall cover the Trade Registry fees, the Official Gazette fees and the notary stamp fees.  New law on small and medium enterprises  FISCAL LAW  Government Ordinance No. 75/2004 regarding the organization and operation of the fiscal record was republished in Official Gazette No. 664 of July 23, 2004. Government Ordinance No. 75/2004 regarding the organization and operation of the fiscal record was republished pursuant to the amendments introduced by Government Ordinance No. 29/2004, Government Ordinance No. 86/2003, Law No. 410/2002 and Government Emergency Ordinance No. 190/2001.  Government Ordinance regarding fiscal record was republished.    Issue No. 58  Page 3  PUBLIC ADMINISTRATION  Law No. 339/2004 regarding decentralization was published in Official Gazette No. 668 of July 26, 2004. Law regarding decentralization (the  Law ) governs the fundamental principles and general rules, as well as the institutional framework for the purpose of carrying on the administrative and financial decentralization process in Romania. According to the Law,  decentralization  means the process of transferring the authority and the administrative and financial liability from the central to local level. The administrative-territorial units are autonomous, administrated by the local councils, district councils or General Council of Bucharest, which have authority to deliberate and by the presidents of district councils and mayors, which have executive authority according to their competences. In accordance with the Law, in relations between the authorities of central public administration and the local public administration, as well as between the authorities of the local public administration shall not be a subordination relation. The citizens with right to vote may request, in the conditions provided by the law, the registration on the agenda of the session of the local council, district council or General Council of Bucharest of a certain matter which is in the council \'s competence. The Law shall enter into force within 30 days as of its publication.  Law regarding decentralization  PUBLIC AUTHORITIES  Order No. 1033/2004 regarding the establishing and competences of Central Fiscal Commission was published in Official Gazette No. 677 of July 27, 2004 The Fiscal Code provides for the obligation of the Ministry of Public Finance to establish a Central Fiscal Commission (the  Commission ), the purpose of which is to supervise the uniform enforcement of the Fiscal Code \'s provisions. The Commission issues decisions regarding: tax issues which require an uniform enforcement in order to prevent confusions and misinterpretations of law, matters regarding settlement of competence conflicts between tax authorities which do not have a common superior authority, certain cases of VAT exemption. The Commission shall not decide upon matters which do not involve the issuing of generally applicable decisions. The decisions of the Commission shall be published in the Official Gazette by Order of Ministry of Public Finances.  Central Fiscal Commission  LABOR LAW  The Government Decision No. 1145 on the approval of the Implementation Norms for Law No. 203/1999 regarding the working permits was published in Official Gazette No. 697 of August 3, 2004 The Norms list the documents necessary for obtaining the prior approval of the Labor Force Migration Office required for obtaining the long term visa for employment purposes, and the set of documents required for obtaining the working permit. The working permit is issued by the Labor Force Migration Office, has a validity of 12 months and gives the foreigner the right to be employed by a legal or natural person from Romania or by a representative office established in Romania by foreign companies. Implementation Norms for Law No. 203/1999 regarding the working permits, republished    Issue No. 58  Page 4  MASS MEDIA  Decision No. 248/2004 on the protection of human dignity and protection of self- image was published in Official Gazette No. 668 of July 26, 2004. In accordance with such Decision of the National Council of Audiovisual every person has the right of freedom of expression. Such right comprises the freedom of opinion and the freedom to receive or communicate information or ideas, without the interference of authorities. The right to self-image must not obstruct the discovery of the truth in matters of justified public interest. According to the Decision, each matter, fact or event either local or national, with significance for the community and which does not violate the person \'s fundamental rights and obligations shall be considered of justified public interest. Every person charged with a criminal offence shall be presumed innocent until proved guilty according to definitive and irrevocable criminal decision. The observance of the presumption of innocence is compulsory in any audiovisual program. Everyone has the right to observance of its privacy, family, domicile and correspondence. In case of accusations on a person during radio or TV broadcasts such radio or TV broadcasts shall observe the audiatur et altera pars principle. The Decision enters into force on August 15, 2004. Starting with such date Decision No. 80/2002 on the protection of human dignity and protection of self image shall be abrogated.  Protection of human dignity and protection of self- image  Decision No. 249/2004 on the children protection within program services was published in Official Gazette No. 668 of July 26, 2004. According to the Decision, the child is the person under the age of 18 which has not acquired full capacity of exercise. Within the audiovisual program the child has the right to protect its public image and its private and family life. Children under the age of 14 shall not be used in the audiovisual broadcasts which reconstitutes criminal offences, abuses or dramatic events. The emission of images or recordings of children who are held for investigation, arrested or in custody against their will shall be forbidden. Any data regarding criminal deeds committed by children who were not held liable shall be forbidden to be made public. The observance of the presumption of innocence is compulsory. The Decision also provides the general criteria which the holder of an audiovisual license must take into account for the purpose of classification of the audiovisual productions, as well as the categories in which the audiovisual productions are framed. The Decision enters into force on August 15, 2004. On the same date Decision No. 57/2003 on the minors \' protection in the framework of program services shall be abrogated. Children protection within program services    Issue No. 58 Decision No. 254/2004 on the publicity, sponsorship and teleshopping was published in Official Gazette No. 668 of July 26, 2004. The new decision regarding advertising, sponsorship and teleshopping provides the requirements for the communication of the telephone line services to be contacted for the purpose of inviting the public to participate to a contest or televoting or for opinions expression within a broadcast. The emission of publicity and teleshopping in which the news presenters appear is forbidden. The Decision also provides the conditions for broadcasting of the logos during sports competition.  Page 5  Decision on the advertising, sponsorship The new Decision forbids not only the adand teleshopping vertising of the private medical units, but also the public medical units. The Decision enters into force on August 15, 2004. Starting with such date, Decision No. 123/2003 on advertising and teleshopping shall be abrogated.  REAL ESTATE  Law on the approval of Government Emergency Ordinance No. 21/2003 supplementing Law No. 550/2002 regarding the sale of state-owned commercial areas and services spaces held by local councils, as well as those held by local autonomous regies was published in Official Gazette No. 659 of July 22, 2004. As regards areas for creation and artistic purposes, a lease agreement shall be conclude. Prior to the amendment, for such spaces the users could conclude a commodatum agreement with the owner of the administration right. Amendments to Law No. 550/2002 regarding the sale of state-owned commercial spaces  NATURAL RESOURCES  Gas Law No. 351/2004 was published in Official Gazette No. 679 of July 28, 2004 Gas Law (the  Law ) establishes the necessary legal framework for developing relevant activities in natural gas sector on competition and transparency terms. The competent authority in the natural gas sector is the National Regulatory Authority for Natural Gas Sector (ANRGN), public autonomous institution of national interest, with legal personality, placed under the coordination of the Prime Minister, independent in making decisions, carrying out its activity based on its own organization and functioning regulation. In order to exercise its prerogatives, ANRGN is entitled to require information and documents related to the undertakings \' activity, including to their accounting books. Moreover, the holders of the licenses in natural gas sector have the obligation to submit for approval to ANRGN and to publish yearly accounting reports. The Law provides general rules regarding production, transportation, transit, distribution, underground storage and supplying of the natural gas, as well as general rules concerning the authorization, license, certification in the natural gas sector and rules regarding the concession of natural gas distribution services. The Law enters into force within 30 days as of its publication. On such date Government Ordinance No. 41/2000 on the establishment, organization and functioning of the National Regulatory Authority for Natural Gas Sector (ANRGN) shall be abrogated, as well as any contrary provisions.  Gas Law    LEGAL PROFESSION  The Statute of legal advisor The Statute of the legal advisor, adopted by the Extraordinary Congress of the Romanian Colleges of Legal Advisors was published in Official Gazette No. 684 of July 29, 2004. The Statute comprises detailed provisions regarding the acquiring and exercising of the profession of legal advisor, the rights and obligations of legal advisors and the professional bodies of legal advisors. Legal advisors shall have special identification cards and badges, typified powers of attorney and stamps. The Statute provides for the obligation of the legal advisors to wear robe in all Courts.  Pachiu & Associates is a Romanian registered Law firm. All attorneys are members of the Bucharest Bar and National Union of Lawyers. PACHIU & ASSOCIATES  36 Spatarului Street, Suite No. 4, Bucharest 2, Romania Phone: +40( 21) 212 00 23 Fax: + 40 (21) 211 56 36 E-mail: office@lp-legal.com Web: www.lp-legal.com  This document is an update of recent legal developments in Romania and is designed solely for the purpose of information. No part of this newsletter may be reproduced without prior written approval of the authors. It is a breach of law to proceed otherwise and might lead to civil, criminal and administrative liability. The readers are advised to seek advise from a qualified attorney when taking decisions based on the content of this document. Pachiu & Associates undertakes no liability regarding the business or legal decisions based on the content of this newsletter.    ",246);arrFiles[59]=new Array(60,"pdf/60.pdf","2004-10-16","60.Legal Update (04.09-17.09).pub","","","LEGAL UPDATE  PACHIU & ASSOCIATES ATTORNEYS AT LAW Issue No. 60 September 4-- September 23, 2004  Special points of interest: · Simplification of formalities for registrations with the Trade Registry Amendment of the Civil Procedure Code Changing ex officio of the fiscal domicile of the taxpayer  INCORPORATION  Simplification of formalities for registrations with the Trade Registry Law No. 359/2004 regarding simplification of formalities for registrations with the Trade Registry was published in Official Gazette No. 839 of September 13, 2004. The term for the issuance of the Certificate of Incorporation and of the Certificate for Registration of Amendments was decreased to maximum 10 days as of the registration of the application, if not otherwise provided under the resolution of the delegate judge. At the date of issuance by the Office of the Trade Registry under the tribunal of the Certificate of Incorporation mentioning the sole registration code or, accordingly, at the date of issuance of the Certificate for Registration of Amendments or prior to commencement of an activity requiring authorization, the applicant has the obligation to request at the Trade Registry the issuing of the authorizations required by law. At the request of the applicant, the documentation required to obtain an authorization of operation for legal entities or secondary headquarters may be filed simultaneously with the application for registration, but the term for the issuance of such authorizations shall commence as of the date of registration with the Trade Registry of the legal entity or the date of amendment of its Constitutive Acts. In case of irregularities in the documentation for authorizations, or failure to observe the legal provisions, the delegates of the ministries involved in the authorizing procedure shall notify such facts to the applicant, at the registered headquarters, as well as to the Trade Registry Office, granting a 30-day term to remedy the irregularities. Such term commences as of the date of receipt of the notification and may be extended at the explicit request of the applicant. Upon the remedy of the irregularities, the 20 days legal term for issuing the authorizations starts to run. As an exception, the term for issuing the authorizations is of 30 days as of the registration of the application for authorizations, for applicants who operate in more than five secondary headquarters, as well as for those with more than 5 activities requiring evaluation for the purpose of authorization. If one or more of the involved public authorities notifies the refusal to issue an authorization, the Trade Registry Office shall issue the annex to the Certificate of Incorporation. The annex shall include  · ·  Inside this issue: Incorporation Civil Law Banking Taxation Commercial Law Regime of foreigners 1 2 2 3 3 4  the mention regarding the refusal of the authorization and shall be issued to the applicant at the term provided by law. The Law also provides that performance of any activity prior to obtaining the authorization for operation required by law shall be construed as a minor offense and shall be subject to a fine between ROL 10,000,000 and ROL 100,000,000, if such act is not construed by the law as criminal offense.    Page 2  LEGAL UPDATE Government Decision No. 1.461/2004 approving the Program for supporting the development of small and medium-size enterprises with funds in the limit of the amounts paid for the reinvested profit tax was published in Official Gazette No. 852 of September 17, 2004. The implementation of the Program shall be carried out by the National Agency for Small and Medium-size Enterprises and Cooperation. The beneficiaries of such Program shall be the legal entities organized on the basis of Law No. 31/1990 on commercial companies, as well as the handicraft cooperation, consumption cooperation and credit cooperation. The above-mentioned entities shall benefit from such Program if they meet the following conditions: · their share capital is entirely private; · they meet the conditions provided by Law No. 346/2004 on the incentives for the establishment and development of small and medium-size enterprises; · they fulfilled their payment obligations; · they are not in bankruptcy; · the result of the prior fiscal year is positive. The Decision provides for the types of financial aid and methods of performance of such Program as well.  The Program for supporting the development of small and medium-size enterprises  CIVIL LAW  Government Emergency Ordinance No. 65/2004 amending the Civil Procedure Code was published in Official Gazette No. 840 of September 14, 2004. According to the new amendments of the Civil Procedure Code ( the Code ), the tribunals shall judge as first courts the cases and the petitions in the civil field having as object a value exceeding ROL 1 billion, except petitions for division of goods. The tribunals shall judge as appeal courts the appeals field against the decisions issued by courts in first instance in the following cases: · petitions for divorce; · petitions for division of goods, exception those that are not subject to appeal; · petitions regarding personal relations between parents and minor children; · petitions regarding filiations and any other cases expressly provided by law. The Code also provides that the Court of Appeal shall judge not only as a first court and as an appeal court, but also as a second appeal court the second appeals field against the decisions issued by tribunals as appeal courts, as well as in any other cases provided by law.  Amendment of the Civil Procedure Code  BANKING  Circular No. 22/2004 regarding the reference interest rate of the National Bank of Romania for September 2004 was published in Official Gazette No. 829 of September 8, 2004. The reference interest rate established by the National Bank of Romania for September 2004 is 19.24% per year, lower by 1.05 % than the rate established for August 2004.  The reference interest rate for September 2004    Page 3  LEGAL UPDATE  TAXATION  Order No. 526/2004 on the procedure of changing ex officio the fiscal domicile of the taxpayer was published in Official Gazette No. 845 of September 15, 2004. The National Agency of Fiscal Administration has adopted the procedure changing ex officio the fiscal domicile of the taxpayer. Therefore, in well grounded situations, the fiscal domicile of the taxpayer can be changed by the fiscal authorities. The Order does not define the concept of  well grounded situations . Such change shall be initiated by the fiscal authority in whose jurisdiction the taxpayer established its fiscal domicile without filing of the application for registration of a new fiscal domicile. The fiscal authority shall draft a note regarding the ex officio change of the fiscal domicile of the taxpayer which shall be considered a application for registration of a fiscal domicile. After drafting the abovementioned note, changing the fiscal domicile of the taxpayer shall be registered in accordance with the procedure provided for the registration upon request of the fiscal domicile of the taxpayer.  The procedure of changing ex officio the fiscal domicile of the taxpayer  COMMERCIAL LAW  Government Decision No. 1454/2004 approving criteria for the implementation of retail sale structures on large areas by economic agents intending to form such a sale structure was published in Official Gazette No. 854 of September 17, 2004. Government Decision No. 1454/2004 approving criteria for the implementation of retail sale structures, (the ,,Decision ) provides for the obligation of obtaining an authorization for the implementation of retail sale structures on large areas (,,implementation authorization ) by economic agents intending to form such a sale structure. Retail sale structures on large areas shall be construed as sale structures with an area exceeding 1,000 sqm. For the purpose of obtaining the implementation authorization, sale agents shall file an application with the county council in whose jurisdiction the sale structure is to be located (for Bucharest, the application shall be filed with the sector city hall). The petition shall be forwarded to a commission to be established for such purpose under each county council within 30 days as of enforcement of the Decision. The petition shall be forwarded as follows: · prior to obtaining the building permit ­ for new buildings and for the modification, consolidation or expansion of already existing buildings; · prior to obtaining the authorization for operation ­ for changing a commercial practice or restoration of certain unused sale structures to the commercial cir circuit; The petitions regarding the issuance of the implementation authorization shall be accompanied by a market and impact survey, drafted in compliance with the criteria established under the Decision. The term for the issuance of the implementation authorization shall be established under the rules of organization and functioning of each commission, which shall be displayed at the headquarters of the county council (of the sector city hall, in the case of Bucharest municipality). Also defined in the Decisions are the terms commercial center, supermarket and hypermarket. The typology of retail sale structures shall be established depending on the categories of goods on sale (unspecialized shop, specialized shop and retail sale activities outside shops). The retail sale structures typology shall be considered by the competent authorities for the authorization of identification panels/signs of any type that shall be located at the entrance of the retail sale structure.  Criteria for the implementation of retail sale structures on large areas    Page 4  LEGAL UPDATE  REGIME OF FOREIGNERS  Social integration of foreigners who acquired a form of protection in Romania Government Decision No. 1.483/2004 on the approval of the Implementation Norms of Government Ordinance No. 44/2004 regarding the social integration of the foreigners who acquired a form of protection in Romania was published in Official Gazette No. 863 of September 22, 2004. The applications for participation in the integration program shall be filed by the applicant to the National Office for Refugees ( NOR ). For foreigners who acquired a form of protection in Romania and did not benefit from integration program, the decision regarding the accepting of the applicant in the integration program shall be adopted by NOR within 5 working days as of the registration of the application . The foreigner who acquired a form of protection in Romania may also file a petition for accommodation in the centers administrated by NOR. The accommodation in such centers shall involve obligation of the foreigner to pay a rent. The decision also provides for the modality of granting by NOR of the financial aid and the subvention for the rent for domicile.  Pachiu & Associates is a Romanian registered Law firm. All attorneys are members of the Bucharest Bar and National Union of Lawyers. This document is an update of recent legal developments in Romania and is designed solely for the purpose of information. No part of this newsletter may be reproduced without prior written approval of the authors. It is a breach of law to proceed otherwise and might lead to civil, criminal and administrative liability. The readers are advised to seek advise from a qualified attorney when taking decisions based on the content of this document. Pachiu & Associates undertakes no liability regarding the business or legal decisions based on the content of this newsletter.  PACHIU & ASSOCIATES ATTORNEYS AT LAW  36 Spatarului Street, Suite No. 4, Bucharest 2, Romania Phone: +40( 21) 212 00 23 Fax: + 40 (21) 211 56 36 E-mail: office@lp-legal.com Web: www.lp-legal.com    ",227);arrFiles[60]=new Array(61,"pdf/ENV05.pdf","2005-04-20","untitled","","","The International Comparative Legal Guide to:  Environment Law 2005  A practical insight to cross-border Environment Law  Published by Global Legal Group with contributions from:  Advokatfirmaet Haavind Vislie AS Arthur Cox Ashurst Basham, Ringe y Correa, S.C. Bingham McCutchen LLP Bowman Gilfillan Clayton Utz Freshfields Bruckhaus Deringer Ganado & Associates Glatzová & Co. Gorrissen Federspiel Kierkegaard Huglo Lepage & Associes Conseil Kinanis Pyrgou & Co. Klavins & Slaidins LAWIN v v Konecná & Safár, s.r.o. Lambadarios Law Offices Lepik ja Luhaäär LAWIN Lideika, Petrauskas, Valiunas ir partneriai LAWIN Mayer Brown Rowe & Maw LLP Miranda, Correia, Amendoeira & Associados Osler, Hoskin & Harcourt LLP Pachiu & Associates, p.l.o. Pestalozzi Lachenal Patry Roschier Holmberg v Selih & Partners Simmons & Simmons Slaughter and May Soltysinski Kawecki & Szlezak Steel Hector & Davis S.C. Stroeter & Royster Advogados University College London Vinge Ziv Lev Law Offices v / Zuric i Partneri  www.ICLG.co.uk    Chapter 35  Romania  Pachiu & Associates  Cornel Tabarta  Camelia Nicoara  1  1.1  Enforcement agencies/bodies  What agencies/bodies are involved in the enforcement and administration of environmental law?  The following agencies/bodies are involved in the enforcement and administration of the environmental law in Romania: The Ministry of Environment and Water Management, which is the central authority for environmental protection; The National Agency for Environmental Protection, a public institution in the subordination of the Ministry of Environment and Water Management, responsible for the environmental protection and coordinating the territorial authorities for environmental protection at regional and local levels. The Regional Agencies for Environmental Protection (established at the level of 8 regions). The County Agencies for Environmental Protection, established at County level; The Environmental Guard, a specialised inspection and control body under the authority of the National Control Authority, holding competence in preventing, determining and imposing penalties for infringement of the laws of environmental protection; The  Danube Delta  Biosphere Reservation Administration, the territorial public authority in the subordination of the Ministry of Environment and Water Management, holding competence in environmental protection in the area of the  Danube Delta  Biosphere Reservation; and The Ministry of Agriculture, Forests and Rural Development, holding competence in the safety and protection of soil and forests.  1.2 What policies underlie the enforcement of environmental law by such agencies/bodies, and to what extent is environmental regulation impacted by other regulatory controls (such as price controls and/or energy regulation)?  The current Government \'s policies in environmental  protection are materialised in the National Action Plan for Environmental Protection (the  Plan ), which was drafted in collaboration with ministries, institutions subordinated to the State, companies, non-governmental organisations, the population and other groups representing civil society. The provisions of the Plan are complex and aim to implement certain actions and projects having as a final goal the progressive improvement of the quality of environmental factors in Romania. The Plan is adjusted to the provisions of all international multilateral and bilateral agreements and understandings, imposing specific measures and drawing criteria for determining the priority objectives of environmental protection. The Ministry of Environment and Water Management periodically drafts and adopts strategies of environmental protection. Such strategies focus on the assessment of the current environmental condition, on identifying risk factors, determining the critical zones of pollution or deterioration, on identifying solutions and taking measures to be adopted as well as the budget required for the implementation of such measures. The strategy of environmental protection for 2002-2004 is currently being implemented. As a general rule, the Romanian public authorities work closely together for the purpose of supervising and ensuring observance of the environmental laws, as well as for promptly imposing penalties for the infringement of such laws. Consequently, even the public authorities with no direct competence in environmental protection, may verify the observance of the rules regarding environmental protection, take any necessary measures for immediate protection of environment, impose penalties and may notify the competent bodies in case of any violation of environmental rules, such as: a) The Local Public Administrations, drafting own programs for environmental protection; b) The Ministry of Health, supervises and monitors compliance with environmental laws having an impact on the population \'s health condition; c) The Ministry of National Defence, supervises observance and enforcement of the laws regarding environmental protection by its own personnel; d) The Ministry of Transports, Constructions and Tourism, holding competence in monitoring and imposing penalties for vehicle emissions and sound pollution;  ICLG TO ENVIRONMENT LAW 2005  © Published and reproduced with kind permission by Global Legal Group Ltd, London  WWW.ICLG.CO.UK  291    Pachiu & Associates  e) f) The Ministry of the Interior, performs inquires and imposes penalties; The National Customs Authority, supervises observance of the law on environmental protection at the country cross border points; The Financial Guard, conducts verifications, imposes penalties and notifies competent bodies; and The Ministry of Economy and Commerce, supervises the observance and enforcement of the laws regarding environmental protection by all the personnel in the energy power field.  Romania  The environmental authorisation is not required for all the activities conducted in Romania. The Romanian environmental regulations provide expressis verbis for the types and categories of activities and installations which have to be authorised prior and during their operation. Such activities include inter alia, chemical plants, heavy machinery plants, oil processing refineries, food-processing plants etc. More than a half of the activities comprised in the Industrial Standard Classification of Economic Activities (published by the National Institute of Statistics in 2002) are considered to have an impact on the environment, and therefore, are subject to an environmental authorisation procedure prior to commencement. The impact on the environment of a particular activity is being assessed after an environmental audit carried out by independent environmental consultants was conducted. An environmental authorisation is valid for no more than 5 years. The environmental permit may not be transferred from one person to another. A new environmental permit shall be issued whenever its beneficiary is changed. The environmental authorisation may be transferred to another person subject to the fulfilment of certain conditions, such as: the authorised activities have to be performed in the same location and under the same conditions as of the date of the issuance of the environmental authorisation.  2.2 Is there any right of appeal against the decision of an environmental regulator not to grant an environmental permit or in respect of unduly onerous conditions contained in an environmental permit?  Romania  g) h)  2  2.1  Environmental permits  When is an environmental permit required, and may environmental permits be transferred from one person to another?  Romanian Environment Protection Law - Law No. 137/1995, as subsequently amended and republished ( Law No. 137/1995 ), provides for three types of environmental documents to be issued by relevant authorities: Environmental Approvals; Environmental Permits; and Environmental Authorisations. Environmental Approval A company should seek an environmental approval whenever the majority stake of its shares is to be sold, as well as in case of mergers, acquisitions, splitting off, concession of real estate assets and winding up. The environmental approval is valid for a period of 2 years from the date of issuance, provided that there is no change in the conditions upon it has been issued. Any material changes in the conditions of issuance of the environmental approval, which might have a significant impact on the environment, require performance of an environmental audit and applying for a new environmental permit. Environmental Permits Public or private projects, which are likely to have a significant impact on the environment, require the issuance by the regulator of an environmental permit. Subject to the type of activity, an environmental audit should be carried out by an independent environmental consultant. The environmental permit is valid until the project has been completed. However, if the execution of the project was not commenced within 2 years from the date of issuance of the permit, then the environment permit becomes null and void. Environmental Authorisations The environmental authorisation provides for the conditions and the parameters for performance of a particular activity or for a new activity for which an environmental permit was issued. The types of activities which require an environmental authorisation are established under order of the environmental regulator. The environmental authorisation can be issued for the entire installation or only for parts, components or elements of such installation.  The operator is entitled to challenge the decision issued by the environmental regulator, in case such decision is abusive, illegal or violates the operator \'s legal rights. Thus, in case the regulator does not observe the requirements of the law by imposing excessively onerous conditions for the operator, the operator is entitled to challenge such decision by way of judicial review. Judicial review may be used only subsequent to observance of the prior mandatory complaint procedure, which means that the plaintiff has to first file a petition with the issuing authority. Within 30 days from the date of the issuance of the response of the issuing authority, the plaintiff is entitled to file a judicial review with the competent court of law. Failure by the regulator to issue an environmental approval or to decide on the prolongation of an already existing approval, within 30 days from the date the file was submitted by the operator for review, entitles the operator to perform the activity lacking an environmental approval, as provided under the so-called  silent approval procedure . In case the operator wishes to obtain a written document, attesting the fulfilment of conditions for a  silent approval , it may submit a petition either to the regulator, or to the competent court of law. It should be noted that an environmental permit issued under the procedure of silent approval might be cancelled, in case the regulator deems that certain conditions precedent for issuing such approval are not fulfilled by the operator.  292  WWW.ICLG.CO.UK  ICLG TO ENVIRONMENT LAW 2005  © Published and reproduced with kind permission by Global Legal Group Ltd, London    Pachiu & Associates  Such cancellation is available in case non-observance of the condition precedent poses a serious risk to public health or public interests. Prior to the cancellation of the permit, the regulator should issue a warning notice on the operator. All claims submitted for judicial review and/or for acknowledgement of silent approval are exempted from stamp duty.  2.3 Are there any special permitting requirements (e.g. requirements to conduct environmental audits or environmental impact assessments) for particularly polluting industries or large-scale installations/projects?  Romania  expiry of the suspension measure; temporary or definitive termination of the operator \'s activity; imposing of specific programmes on the operator, aimed at complying the activity of with the requirements of the law; or fines of up to ROL 225,000,000 (Euro 6,000). It should be noted that the decision of the regulator providing for the measures under items (a) - (c) above, becomes mandatory for the operator upon its issuance. Failure to comply with the requirements of the law may constitute a criminal offence. A fine of up to ROL 75,000,000 (approx EUR 2,000) might be imposed on the offender or the responsible person might be imprisoned for a term between 3 months up to 20 years.  Large-scale installations and activities with potential to cause heavy pollution require a special environmental authorisation, issued under an integrated pollution control system. The procedure is detailed by Government Emergency Ordinance No. 34/2002 (the  GEO No. 34/2002 ), as subsequently amended. The integrated pollution control system seeks to minimise the pollution of the environment, taken as a whole. Prior to the commencement of a new industrial activity, or in case a change in the operation method of the industrial installations occurs, the operator has to draft a report regarding the envisaged impact of the activity on the environment. In case the impact of activity on the environment is significant, the operator may be required to perform an environmental audit. Such an audit is usually carried out by authorised environmental consultants. The costs incurred with assessment of the ecological risks of activity shall be borne by the operator. Subject to the conclusions of the audit, the regulator issues an environmental permit. The industrial operators have to self-monitor the polluting emissions and report to the regulators, on a regular basis, the result of the self-monitoring activity, in accordance with the provisions of the environmental permit. The deadline for the application of the conformity programmes is the year 2015. After the expiration of this period, the industrial installations which are still polluting the environment shall be closed.  2.4 What civil and/or criminal enforcement powers does the government have in connection with the violation of permits?  3  3.1  Waste  What is waste and are there special categories of waste that involve additional duties or controls?  Under Romanian law (Government Emergency Ordinance No. 78/2000 as subsequently modified by the Law No. 426/2001), waste is defined as any substance or object, provided in the Appendix 1B to the GEO No. 78/2002, which its holder is throwing, has the intention to throw or is required under the law to throw. Dangerous waste is provided in a detailed list, attached as Appendix 1C to the GEO No. 78/2000. The list of dangerous wastes is updated by the Government on a regular basis. Currently the list comprises about 40 positions. Further conditions of control are imposed on special categories of waste, such as radioactive waste. Holders of dangerous waste have the duty to ensure separate storing conditions for these particular substances/objects. Mixture in any way of dangerous waste requires prior approval of the environmental authority. The operator should maintain separate records of dangerous waste, in form and substance required by the law and make such records available to state authorities, on demand.  3.2 Can I store and/or dispose of waste on my property?  Violation of permits by the operator might lead to civil, administrative or criminal liability. Under civil liability, the operator might be required to repair the damages caused to the environment and to compensate the affected third parties. The following administrative sanctions might be imposed on the operator: suspension of the environmental permit or authorisation (for a maximum of 6 months). Such a measure might be imposed after a warning notice was sent to the operator; cancellation of the environmental permit or authorisation and the termination of the project/activity, in case default is not cured, after the  The landlord is required to identify and to separate the recyclable waste from non-recyclable waste, wherever the conditions for such segregation are available. Storage and disposal of waste is allowed only in special places, usually provided by local authorities.  3.3 If I transfer waste to a lawful recipient, do I retain any residual liability in respect of it (e.g. if the transferee/ultimate disposer goes bankrupt/disappears)?  The liability regarding the destination of the waste, once transferred to a lawful recipient, rests with such recipient. It should be noted that under Romanian law, any transfer of waste to a lawful recipient should be performed based on a written agreement concluded between parties.  ICLG TO ENVIRONMENT LAW 2005  © Published and reproduced with kind permission by Global Legal Group Ltd, London  WWW.ICLG.CO.UK  293  Romania    Pachiu & Associates  There are specific provisions regarding the importing and recycling of imported waste (Government Decision No. 228/2004 regarding the control of entering in Romania of non-dangerous waste, for the purpose of import, active performance and transit, as published with the Official Gazette of Romania No. 172/2004). It is mandatory to notify the environment authorities on the content of the shipment and to seek the authorisation from the environment authority prior to the performance of custom clearance.  Romania  when commiting the criminal offence; (ii) final purpose of the criminal offence; (iii) general circumstances when commiting criminal offence; (iv) actual and likely consequences of the criminal offence; and (v) personal features and conduct of the author of the criminal offence. Lack of social danger constitutes a reason for nonpunishment under the provisions of the criminal law. However, the offender might still be held liable under the provisions of the civil and administrative law. The following grounds are considered as a relief from administrative/criminal liability: (i) self defence; (ii) state of emergency; (iii) physical or psychological constraint; (iv) force majeure; (v) irresponsibility; (vi) involuntary state of inebriety; (vii) factual error; and (viii) physical disability, provided that it has a connection with the minor/criminal offence. Under the provisions of the New Penal Code, both private individuals and legal entities may be held liable for criminal offences. In the case of private individuals, the sanctions are imprisonment, penal fine and work for the benefit of the community. Legal entities may be punished with a penal fine, which may be cumulated with (i) the dissolution of the company, (ii) temporary suspension of the business (between 1 to 3 years), (iii) prohibition to perform specific business activities (between 1 to 5 years), (iv) prohibition to have access to specific funding (between 1 to 5 years), (v) prohibition to participate in public tenders (up to 5 years), and (vi) publishing of the ruling of the competent court with the Official Gazette of Romania and with the mass media. The relief for criminal liability (in addition to the cases from the Penal Code) shall be also available in the case of orders from the competent authorities (such as the environmental authority), provided that such orders shall not be obviously issued against the applicable regulations. New Penal Code has an entire chapter dedicated solely to criminal offences connected to the environment (Chapter V named  Crimes and Offences against the Environment ). There is a detailed listing of crimes and offences against the environment, under which both legal entities and private individuals may be prosecuted.  4.2 Can an operator be liable for environmental damage notwithstanding that the polluting activity is operated within permit limits?  Romania  4  4.1  Liabilities  What sort of liabilities can arise where there is a breach of environmental laws and/or permits, and what defences are available?  There are three basic types of liability under Romanian law: civil, criminal and administrative. All of them might occur, cumulatively, in the case of breach of environmental permits, subject to the severity of the damages caused to the environment/third parties. Civil liability The operator may be held liable for both wilful misconduct and negligence. The basic principle of the law is that the polluter pays. Force majeure is the only defence available to the operator when establishing the extent of liability. In the case of several polluters, there is a joint responsibility of the parties. As an effect of joint liability, each one of them may be held liable for the entire pollution. The party that supported the costs of the proceedings may demand reimbursement of the costs from other parties involved, provided that it proves the extent of liability for each one of them. Administrative liability Administrative liability refers usually to fines that might be imposed by the environmental authority. The sanctions may be imposed on both the operator and the legal representatives/employees of the operator. The decisions imposing the fine may be challenged with the competent court of law, within 15 days from the date of acknowledgement of receipt providing for the imposed sanction. Criminal liability Romania has a new Penal Code, to be enforced on 30 June 2005 (the  New Penal Code ). Therefore, the subject shall be analyzed both from the point of view current provisions and from the point of view of current regulations - i.e. the Penal Code and the New Penal Code. Under the provisions of the Penal Code, only private individuals may be persecuted under the provisions of the criminal law. This means that, should the criminal liability occur, only legal representatives/employees of the polluter may be persecuted. When establishing the extent of liability, the authorities should take into consideration both personal features of the offender and the objective issues of the case. The authority should assess the  social danger  of the offence. When evaluating the degree of the  social danger  of the criminal offence, the Court is taking into consideration the following: (i) the way and the means used  Basic principle of the law is that the  polluter pays , regardless of his compliance with the limits of the environmental permit/approval. Thus, there will always be a civil responsibility of the polluter, under which he will be required to bear the costs of repairing the damages caused to the environment and to third parties, as well as the costs of specific rehabilitation programs. However, criminal and administrative liability should not occur in the case of full compliance with the permit limits.  4.3 Can directors and officers of corporations attract personal liabilities for environmental wrongdoing, and to what extent may they get insurance or rely on other indemnity protection in respect of such liabilities?  Directors and officers of the corporation have the duty of  294  WWW.ICLG.CO.UK  ICLG TO ENVIRONMENT LAW 2005  © Published and reproduced with kind permission by Global Legal Group Ltd, London    Pachiu & Associates  care, under which they are required to conduct the business operations of the company according to the best interest of the shareholders and in compliance with the law. Under the general principles of Romanian civil law, the party who suffered damage due to the wrongdoing of a company (such as due to pollution) may seek compensation from both the company and company employee, based on the principle of joint liability. The same principle is applied when dealing with environmental issues, therefore the directors of the company might incur civil liability for damages caused to the environment and/or to third parties due to the pollution, for both negligence and tort. Administrative liability is extended to the company and to its employees, the regulator being able to impose sanctions cumulatively to both the company and the directors. Until the enforcement of the New Penal Code (30 June 2005), legal entities may not be persecuted under the provisions of criminal law, therefore criminal liability is targeted mainly to company directors/employees, as individuals. Civil liability of directors shall not arise only in case of events of force majeure, as defined by the applicable law. An indemnity might be sought, provided that it arises from bona fide agreements. It will usually cover only the material losses and may not be considered as a relief from administrative/criminal liability of the directors. Criminal liability of directors may be disencumbered only in cases provided by the law (see answer to question 4.1 above).  4.4 What are the different implications from an environmental liability perspective of a share sale on the one hand and an asset purchase on the other?  Romania  responsibility under the provisions of the Penal Code. There is a general duty of care under the provisions of the applicable environmental regulations and the Penal Code, which in the case of pollution might be extended to the lender. Provided that there is a cause-effect connection between the damage occurred from the leased asset and the negligence of the lender, the lender might be held liable also for the remediation costs.  5  5.1  Contaminated land  What is the approach to liability for historic contamination of soil or groundwater?  There is no particular approach of the Romanian law regarding the historic contamination of soil and groundwater, such as it is regulated in the UK under Environmental Protection Act 1990. Therefore, general principles of Law 137/1995 should apply. If pollution occurs, the  polluter pays  principle should apply, which means that the actual owner of the asset shall be held liable for the damages. He then may turn against the seller for the purpose of recovering the value of compensation.  5.2 How is liability allocated where more than one person is responsible for the contamination?  Both share sale purchase and asset purchase require that parties should conduct an environmental audit. Such an environmental audit should provide for the measures to be implemented for the purpose of rehabilitation/protection of the environment. Based on such an environmental audit, the parties negotiate the obligations and liability regarding environment protection. After the negotiations, the agreement of the parties is submitted for review to the environmental authority, which is finally issuing the environmental authorisation. A different situation occurs when the seller of the asset is a private individual, who does not hold any environmental approval. In this latter case, the liability of the purchaser might arise based on the principle the  polluter pays . The purchaser may then turn against the seller, claiming compensation for actual damages incurred due to the pollution and economic loss (such as loss of profit).  4.5 To what extent may lenders be liable for environmental wrongdoing and/or remediation costs?  If more than one person is liable for the environmental contamination, they shall be jointly held liable. Under the joint liability, each one of the responsible persons shall bear the costs of the damages. Criminal and administrative liability shall incur on each of the responsible persons, based on their contribution to the damage.  5.3 If a programme of environmental remediation is `agreed \' with an environmental regulator can the regulator come back and require additional works or can a third party challenge the agreement?  In this case the general principle (i.e.  the polluter pays ) shall apply. However, if the type of activity performed on the leased asset requires specific environmental permits, the tenant should seek such approval prior to the commissioning of the activity. The lender must ensure that the activity performed on the site is performed in compliance with applicable regulations, otherwise it might have a joint  The programs of environmental remedy are usually approved by the regulator, after negotiating the program with the operator. The regulator has the right to amend or update a programme of environmental remedy only if new elements occur, such new elements being those which were not known at the date of the approval of the program and which could have an impact on the environment. If the amendment of the program is made in an abusive manner, the operator is entitled to ask (first the regulator, and only after the Court) for the rejection of or a proper adjustment to the amendment. A third party may challenge the agreement between the regulator and the operator, provided that a  sufficient interest  is proved and that the agreement violates one or several legal rights of the third party. Nongovernmental environmental organisations benefit from a legal presumption of ab initio fulfilment of such conditions since Romania has ratified the Convention on the access to information and participation of the public to decision-  ICLG TO ENVIRONMENT LAW 2005  © Published and reproduced with kind permission by Global Legal Group Ltd, London  WWW.ICLG.CO.UK  295  Romania    Pachiu & Associates  making and justice regarding environmental issues, signed in Aarhus on 25 June 1998.  5.4 Does a person have a private right of action to seek contribution from a previous owner or occupier of contaminated land when that owner caused, in whole or in part, contamination?  Romania  environmental regulator. No duty for disclosure to a potentially affected third party is provided under the provisions of environmental law. It should be noted that in this latter case, the duty to inform potentially affected third parties arises out of the general principles of civil law. Failure to inform third parties might lead to liability under tort or negligence.  7.2 When and under what circumstances does a person have an affirmative obligation to investigate land for contamination?  Romania  There is no specific right of action available to private individuals to seek compensation for pollution due to historical contamination of land. However, such right is available under general provisions of Romanian civil law, either on tort or negligence. Nevertheless, the affected party should prove a cause-effect relationship between the contamination and the damage suffered from such contamination.  5.5 Does the government have authority to obtain from a polluter monetary damages for aesthetic harms to public assets, e.g., rivers?  The duty to investigate the land for contamination is incumbent on companies involved in activities with radioactive material and on companies dealing with the exploitation of the resources of the soil (most often in mining activities). The duty is valid for the whole term of the project and the conditions of performance have to be reported to the environmental authority, upon its demand.  7.3 Is it necessary for a seller to disclose environmental problems to a prospective purchaser in the context of a merger and takeover transactions?  The regulator may seek damages from the polluter for all types of damages which were caused on the environment, including aesthetic harms.  6  6.1  Powers of regulators  What powers do environmental regulators have to require production of documents, take samples, conduct site inspections, interview employees, etc?  The parties of a prospective merger/takeover should perform an independent environmental audit, which shall assess the environmental risks of the business. Therefore, the prospective seller should provide accurate and updated information to the environmental consultants performing the audit, for the purpose of proper identification of likely risks of the activity.  The environmental regulators are authorised to conduct site inspections, in order to verify the accomplishment of the conditions and obligations stipulated in the environmental permits. During the inspection, the environmental regulator must be assisted by an employee of the inspected company, who shall ensure and enable the access of the regulator to the installations and equipment or places where activities with impact on the environment are conducted. The environmental regulators are entitled to require any documents, reports, or analyses related to the company \'s activity which has an impact on the environment. They are also authorised to take samples or to interview the company \'s employees. The environmental regulator is authorised to request the Police and the Financial Guard for assistance during the inspections. If the operator was damaged during site inspection, he shall then be entitled to submit a claim to the competent court of law, requiring for compensation.  8  8.1  General  Is it possible to use an environmental indemnity to limit exposure for actual or potential environmentrelated liabilities, and does making a payment to another person under an indemnity in respect of a matter (e.g. remediation) discharge the indemnifier  \'s potential liability in respect of that matter?  7  7.1  Reporting/disclosure obligations  If pollution is found on a site, or discovered to be migrating off-site, must it be disclosed to an environmental regulator or potentially affected third parties?  Under Romanian civil law, the parties are free to establish the extent of their liability under private transactions, provided that the rules of public interest are being observed. The seller may give to the purchaser indemnities which shall cover all or part of environmental risks of the site and which might occur after the transaction was completed. The parties might as well identify a specific environmental risk and include an indemnity under the agreement. However, it should be noted that such indemnities should also be included in the report submitted to the environmental regulator, in order for such indemnity to become enforceable towards the regulator. Payment to another person under an indemnity in respect of a matter does not discharge criminal and administrative liability of the indemnifier, but it may discharge civil liability (e.g. covering of losses).  The owner must report the pollution immediately to the  296  WWW.ICLG.CO.UK  ICLG TO ENVIRONMENT LAW 2005  © Published and reproduced with kind permission by Global Legal Group Ltd, London    Pachiu & Associates  8.2 Is it possible to shelter environmental liabilities off balance sheet, and can a company be dissolved in order to escape environmental liabilities?  Romania  Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowance trading within the Community and amending Council Directive 96/61/EC. There are pending procedures developed by the environmental authorities for the assessment of major polluters and for the purpose of the establishment of the pollutant emissions register. The only form available for the emission control is available by the implementation of the integrated permits (for details see Question 2.1 above).  9.2 What is the general policy with respect to climate change?  In case the regulator imposes certain liabilities on the operator, such liabilities should be recorded on separate accounts on the balance sheet. However, the definitions of certain accounts is quite generic, therefore when making the assessment of environmental liabilities, the due diligence process should involve environmental consultants. In the case that the company is dissolved mainly for the purpose of avoiding environmental liability, it might be possible that the liability of the directors of the company may be triggered subsequently. It is also possible that, if during the winding up procedure, the liquidator appointed by the shareholders does not assess the environmental liabilities of the company, he may also be held liable. It is also possible that the authorities might consider such as a criminal offence and may initiate criminal proceedings against responsible persons (i.e. the directors of the company and/or the liquidator).  8.3 Can a parent company be held liable for pollution caused by an affiliate and/or sued in its national court for pollution caused by a foreign affiliate?  Under the general provisions of the Romanian civil law, in case of tort, the liability rests with the author of the tort. Provided that the local and foreign affiliates are established under legal forms with their separate legal personality (such as limited liability companies or joint stock companies), which is separate from the personality of their parent company, the liability of the parent company shall be limited to the contribution to the share capital of the affiliate. Such liability shall incur only in the case that the assets of the affiliate do not cover the extent of damages and the affiliate was liquidated under the provisions of the law.  8.4 Is there any legislation to protect  whistle-blowers  in environmental matters?  There is a national plan aiming at the overall protection of the environment, which has particular provisions with respect to climate change and emissions affecting the ozone layer (Government Decision No. 58/2004, as published with the Official Gazette of Romania No. 98/2004). Romania is a party of the Kyoto Protocol to the United Nations Framework Convention on Climate Change and has ratified the by Law No. 3/2001, as published with the Official Gazette of Romania. However, Romania is still in transition to full enforcement of EU and international applicable regulations. Integrated permit is still the only practical tool available for the control of climate change. The authorities have issued guidance notes for the implementation of the registry of highly polluted industries.  10 Asbestos  10.1 Is Romania likely to follow the lead of the US in terms of asbestos litigation?  No particular legislation is available on  whistle-blowers .  8.5 Are group or  class  actions available for pursuing environmental claims, and are penal or exemplary damages available?  We do not envisage such possibility, first of all due to the fact that the Romanian courts proved to be reluctant when awarding a high level of compensations to claimants in any matters. Moreover, the likely defendants are former stateowned companies, most of them in a poor financial situation; therefore, there are little chances to actually obtain a positive result after such litigation.  10.2 What are the duties of owners/occupiers of premises in relation to asbestos on site?  A group or  class  action is regulated by the provisions of Romanian Code of Civil Procedure and is known as litisconsortium. The parties may claim both penal and exemplary damages.  9  9.1  Emissions trading and climate change  Does the law facilitate emissions trading and, if so, what emissions trading schemes are in operation?  There are no provisions applicable to the emissions trading (as they are provided by the European Union Emissions Trading Scheme). Romania requested an extended transitional period with respect to the implementation of Directive 2003/87/EC of the European Parliament and of the  Government Decision No. 124/2003 regarding the prevention, reduction and control of pollution of the environment with asbestos provides for the following duties of owners/occupiers of sites: to ensure as low as possible level of pollution with asbestos; to ensure safety conditions when demolishing parts of the sites which contain asbestos; and storage of asbestos shall be performed under the conditions of lowest risk to the environment. Manufacture, storing, trading and use of products containing asbestos shall be forbidden starting with 1 January 2007.  ICLG TO ENVIRONMENT LAW 2005  © Published and reproduced with kind permission by Global Legal Group Ltd, London  WWW.ICLG.CO.UK  297  Romania    Pachiu & Associates  11 Environmental insurance liabilities  11.1 How big a role does environmental risks insurance play in Romania?  Romania  11.2 What types of environmental insurance are available in the market?  Romania  It is not common to use an environmental insurance when performing an activity which involves certain environmental risks. Romanian insurers are reluctant in providing environmental insurance on the market, first of all due to lack of expertise and secondly due to high environmental risks which a lot of enterprises still pose to the environment. Another reason for weak development of the market is lack of predictability of the environmental laws. Romania is due to harmonise its entire legislation with the legislation of the European Union by 2007. However, there is a certain gap between the implementation process and the actual requirements of the European Union, which again, does not allow an accurate assessment by the insurer of the likely risks.  Our inquiry with the insurance companies proved that no Romanian insurance company offers environmental insurance on its own behalf, but rather it shares the liability with a high-rated foreign insurer, thus acting more as an agent of the foreign insurer. Most insurance policies are custom-tailored and there is no  regular  type of insurance.  11.3 What is the environmental insurance claims experience?  To the best of our knowledge, no insurance claims have been submitted to the review of Romanian courts of law so far.  Cornel Tabarta  36 Spatarului Street Bucharest 2 Romania  Camelia Nicoara  36 Spatarului Street Bucharest 2 Romania  Tel: Fax: Email: URL:  +40 21 212 00 23 +40 21 211 56 36 cornel.tabarta@lp-legal.com www.lp-legal.com  Tel: Fax: Email: URL:  +40 21 212 00 23 +40 21 211 56 36 camellia.nicoara@lp-legal.com www.lp-legal.com  Cornel graduated the Law School of Bucharest University in 1998 (J.D. equivalent) and is a member of the Bucharest Bar Association and of the National Union of Lawyers. Cornel is specialised in commercial transactions, corporate and commercial law, EU law, capital markets, IT and telecom, tax and offshore structures. He has extensive experience in real estate project development, involving regulatory issues. Cornel is well acquainted with legal specifics of various industries (e.g. media, tobacco industry, IT, health protection). He is providing advice both in the legal and business fields. Cornel is fluent in Romanian, English, and Russian and conversant in Hebrew.  Camelia graduated the Law School of the Romanian-American University in 2000. She is also a postgraduate of the Private Law section of the University of Bucharest Law School. She is a senior member of the Bucharest Bar Association and a member of the National Union of Lawyers. She is providing assistance and counseling in commercial law, civil law, labour law, civil procedure law and litigation. Camelia is fluent in Romanian and English  Pachiu & Associates is a professional partnership established between Romanian attorneys. All attorneys are senior members of the Bucharest Bar and of the National Union of Lawyers. The firm is providing advice mainly to foreign corporate investors in Romania on various issues regarding business development. The aim of the firm is to ensure multidisciplinary advice, covering all main areas of concern for an investor - corporate, tax, competition, regulatory etc. Our attorneys are fluent in Romanian and English, and some are fluent in German, French, Italian and Russian and conversant in Hebrew.  298  WWW.ICLG.CO.UK  ICLG TO ENVIRONMENT LAW 2005  © Published and reproduced with kind permission by Global Legal Group Ltd, London    ",145);arrFiles[61]=new Array(62,"pdf/57.pdf","2004-09-21","57. Legal Update (03.07 - 21.07).pub","","","LEGAL UPDATE  PACHIU & ASSOCIATES ATTORNEYS AT LAW Issue No. 57  Special points of interest: · Implementation Norms for the Fiscal Procedure Code Law on the consumption credits Law on the occupational pensions schemes  3 -- 21 July 2004  TAXATION  Implementation Norms of the Fiscal Procedure Code Government Resolution No. 1050/2004 regarding the approving of the Implementation Norms of the Fiscal Procedure Code was published in the Official Gazette No. 651 of July 20, 2004. Usually, Norms for the implementation of laws are issued for the purpose of clarifying the provisions of such laws. In case of the Fiscal Procedure Code, the implementation norms may be considered as poor in drafting. Various terms and conditions (e.g. terms of communicating statements and reports) provided in the Fiscal Procedure Code were not properly addressed. Nevertheless, we may note that the implementation norms bring additional information as concerns the registration as VAT payer and deregistration procedures, the fiscal domicile and the fiscal registration of secondary offices of companies. The Norms also comprise details regarding the methods for calculating the penalties for delayed payment of fiscal debts and interests for rescheduling of payments by the fiscal authorities.  ·  ·  Inside this issue: Taxation Banking Accounting Social protection Consumer protection Labor Law  Public Authorities  1 1 2 2 3 3  4  BANKING  Romanian residents have the obligation to notify to the National Bank the operations included in the balance of payment of Romania Norm No. 4/2004 of the National Bank of Romania regarding the reporting for statistics purposes of the operations included in the balance payment of Romania was published in the Official Gazette No. 615 of July 7, 2004. Norm No. 4/2004 establishes the obligation of residents on the Romanian territory to notify to the National Bank all operations included in the balance of payment. Such operations are the economic and financial transactions between residents and non-residents, regarding goods, services, revenues, free-of-charge transfers, receivables and financial obligations. The credit institutions have the obligation to report to the National Bank a wide range of transactions with non-residents, performed in their own name and account . The residents have also the obligation to notify to the National Bank the nonm o n e t a r y operations (barters, clearings, etc). The norm enters into force as of January 1, 2005.    Page 2  LEGAL UPDATE Internal Note No. 14/2004 of the National Bank of Romania, regarding the reference interest rate for July 2004 was published in the Official Gazette No. 621 of July 8, 2004. The reference interest rate established by the National Bank of Romania for July 2004 is 20.75% per annum, lower with 0.5 points than the rate established for June 2004.  Reference interest rate for July, 2004  ACCOUNTING  Order of the Ministry of Public Finances for the approval of the Implementation norms regarding the organizing and managing of the simple accounting system by natural persons who have the capacity of taxpayers, according to Law No. 571/2003 on the Fiscal Code, was published in the Official Gazette No. 642 of July 16, 2004. The implementation norms do not bring major amendments to the regulations governing the organizing of the simple accounting system by natural persons. The Order comprises rules regarding the justifying and financial-accounting documents, rules regarding the registration of incomes and expenses, and provides for the conditions in which expenses are considered deductible or are subject to limited deduction. The order also includes forms of financialaccounting documents required for the organization an management of simple accounting, as well as instructions for filling in of such documents.  New regulations regarding the organizing and management of the simple accounting system  Order No. 947/2004 on approval the System of accounting reporting on June 30, 2004 of economic entities was published in the Official Gazette No. 623 of July 9, 2004  Half-year accounting reports for 2004  The economic agents, regardless of the legal form under which they perform their activity, including legal persons undergoing liquidation procedure, have the obligation to draw up half-year accounting reports, and to register the reports at the territorial units of the  Ministry of Public Finances. The accounting reports comprise the balance-sheet, the profit and loss account and the informative data report. Such reports must be registered until August 10 or August 20, subject to the type of accounting system used by the reporting entity.  SOCIAL PROTECTION  Law No. 343/2004 on the amending and supplementing the Emergency Government Ordinance No. 102/1999 regarding the special protection and the employment of disabled persons was published in the Official Gazette No. 641 of July 15, 2004. Protection of disabled persons Among other amendments, the law provides that economic agents having 75 employees or more and public institutions with at least 25 contractual positions have the obligation to employ a number of disabled persons representing at least 4% of the total number of employees or contractual positions provided by their organizational chart. The failure to observe these provisions trigger the obligation of the economic agent/public institution to pay to the state budget, on a monthly basis, an amount equal with the minimum gross salary in the Romanian economy, multiplied with the number of positions unoccupied by disabled persons. The maximum threshold for penalties in case of breach of legal provisions regarding the protection of disabled persons was increased to ROL 60 million.    Issue No. 57  Page 3  CONSUMER PROTECTION  Law No. 289/2004 regarding the legal regime of the consumption credit agreements for consumers natural persons was published in the Official Gazette No. 611 of July 06, 2004. The purpose of the new law ( Law 289/2004 ) is to implement in the Romanian legislation the provisions of the CEE Directive on consumption credits. Law 289/2004 does not comprise a definition of the consumption credit, but enumerates the types of credits which are not governed by its provisions (such as loans for acquisition or renovation of real estate properties, interest-free loans, loans having a value of less than EUR 200 or exceeding the threshold of EUR 20,000 etc). The new law has a broad definition of the creditor: one or several legal or natural persons who, within their commercial or business activity, grant credits to consumers . The entities which grant consumption loans or mediate such loans must obtain in advance an official authorization, except the credit institutions which are authorized by the National Bank of Romania. The consumers are defined as the natural persons who aim to fulfill a legal right or interest exceeding their commercial or business activity, by concluding the type of agreements provided for by Law 289/2004. Law 289/2004 shall enter into force after 6 months as of its publishing date.  New regulations regarding the consumption credit for consumers  Government Decision No. 891/2004 establishing certain measures of supervision of the products market on regulated sectors, provided by Law No. 608/2001 regarding products conformity assessment was published in the Official Gazette No. 620 of July 8, 2004 The purpose of the market supervision is to ensure the observance of the technical regulations provided by Law No. 608/2001 regarding assessments for products conformity, by the entities which introduce products on the market or entities responsible for the functioning of such products. The supervision performed by the competent authorities implies form examinations of products (e.g. the applying of legal markings on the products) and substance examinations (the compliance with the general conformity regulations). The Decision defines the material nonconformities, and presents the legal actions which may be taken by the supervising agent in case of non-conformity. The Decision shall enter into force after 90 days as of its publication.  Measures of supervision of the products market  LABOR LAW  Law No. 249/2004 regarding the occupational pensions was published in the Official Gazette No. 600 of July 5, 2004 Law No. 249/2004 (the  Law ) sets forth the legal principles for organizing and management of optional occupational pensions schemes (the  Schemes ) and occupational pensions funds. The occupational pension is the amount paid on a regular basis to a participant, apart and in addition to the state pension system. The right to initiate a Scheme belongs to the employer, to the trade-union or to the representatives of employees. The Schemes are provided by administrators. Administrators are entities organized as joint-stock companies, having as sole scope of activity the collecting, administration and investment of the financial resources of an occupational pensions fund, and the payment of the pensions. The occupational pensions fund is the fund set up as civil company in accordance with the provisions of the Civil Code and the special provisions of the Law. The optional occupational pensions schemes are introduced in the Romanian legislation    The Scheme must provide for the amount and the periodicity of the contributions, the method of splitting the contribution between the employer and the employee, rules regarding the investing of the funds and payment of pensions. The Schemes must obtain the prior approval from the Insurance Supervisory Commission ( ISC ), which is the governing and monitoring body in the field of optional occupational pensions. The Law governs in detail the legal regime of the occupational pensions funds and the administrators.  The occupational pensions fund must have at least 100 members. The fund is represented in the relationships with the administrator by the Coordination council, which is composed of members elected by the employer and by the representatives of the employees. The administrator must obtain the prior authorization of ISC, prior to its registration with the Trade Registry. The minimum share capital of the administrator is the ROL equivalent of EUR 2 million. The right to receive the payments representing occupational pension annuities  becomes due when the following conditions are cumulatively met: · the participant reached the legal retiring age; · the participant paid at least 60 monthly contributions; · the value of the contributions allows the payment of the minimum amount of the occupational pension set forth by ISC. The Law enters into force as of January 1st, 2005.  PUBLIC AUTHORITIES  Law on the institution of prefect Law No. 340/2004 regarding the prefect was published in the Official Gazette No. 658 of July 21, 2004 The law represents the general legal framework for the institution of prefect. The law establishes the duties and responsibilities of the prefect, the organizing and management of the Body of Prefects and Body of Sub-prefects, as well as the legal regime of the acts issued by the prefect. The law abrogates the provisions regarding the prefect comprised by Law No. 215/2001 regarding the public administration.  New law regarding the Superior Council of the Magistracy Law No. 317/2004 regarding the Superior Council of the Magistracy was published in the Official Gazette No. 599 of July 2, 2004 The law governs the organizing and the management of the Superior Council of the Magistracy, an independent body having as purpose the supervising of the observance of law by magistrates and the ensuring the proper functioning of the judiciary system. The law enters into force after 90 days as of its publishing with the Official Gazette, and abrogates the provisions regarding the Superior Council of the Magistracy from Law No. 92/1992 regarding the organizing of the judicial authority.  Pachiu & Associates is a Romanian registered Law firm. All attorneys are members of the Bucharest Bar and National Union of Lawyers. This document is an update of recent legal developments in Romania and is designed solely for the purpose of information. No part of this newsletter may be reproduced without prior written approval of the authors. It is a breach of law to proceed otherwise and might lead to civil, criminal and administrative liability. The readers are advised to seek advise from a qualified attorney when taking decisions based on the content of this document. Pachiu & Associates undertakes no liability regarding the business or legal decisions based on the content of this newsletter.  PACHIU & ASSOCIATES ATTORNEYS AT LAW  36 Spatarului Street, Suite No. 4, Bucharest 2, Romania Phone: +40( 21) 212 00 23 Fax: + 40 (21) 211 56 36 E-mail: office@lp-legal.com Web: www.lp-legal.com    ",228);arrFiles[62]=new Array(63,"pdf/56.pdf","2004-07-14","56. Legal Update (23.06 - 02.07).pub","","","PACHIU & ASSOCIATES ATTORNEYS AT LAW  LEGAL UPDATE  Issue No. 56 23 June--2 July 2004  Special points interest:  of  INCORPORATION  New extension of the deadline for changing the incorporation certificates and operation authorizations Government Emergency Ordinance No. 51/2004 on the extension of terms for the change of incorporation certificates and fiscal registration certificates for companies, as well as operation authorizations for authorized individuals and family associations was published in the Official Gazette No. 570 of June 29, 2004 The Government decided to extend the term for the change of incorporation certificates and fiscal registration certificates until December 31, 2004. Upon expiry of such term, the companies which have not obtained the new incorporation certificate shall be dissolved ex jure, liquidated and de-registered from the Register of Commerce. The individuals which perform economic activities based on the authorization New law on the authorization of natural persons and family associations which perform economic activities Law No. 300/2004 regarding the authorization of natural persons and family associations which independently carry on economic activities was published in the Official Gazette No. 576 of June 29, 2004 The new law sets forth the conditions and the procedure for obtaining the operating authorization from the City Hall and the formalities for the registration with the Register of Commerce. The new law abrogates Law No. 507/2002 on the organization and performing of economic activities by natural persons and its implementation rules. This law shall enter into force within 90 days as of its public a t i on with the Official Gazette. issued in accordance with Decree No. 54/1990 have the obligation to obtain the new operation authorization until December 31, 2004. In case of failure to observe such term, the authorized individuals shall be de-registered from the Register of Commerce.  · New law on the capital market · New Penal Code · Material amendments to Law No. 8/1996 on copyright and neighboring rights · Consumption Code Inside this issue: Incorporation 1 Taxation Bankruptcy Banking Securities Intellectual Property  Consumer Protection Public Finances Public Authorities Labor Law IT/Telecom Legal Profession Criminal Law  2 2 2 3 3  3 4 5 5 5 6 6    Page 2 Higher taxes and tariffs for registrations with the Register of Commerce  LEGAL UPDATE Government Decision No. 913/2004 approving taxes and tariffs for operations performed by offices of the Register of Commerce was published in the Official Gazette No. 589 of July 1, 2004 The Government resolved to increase taxes and tariffs for operations performed by offices of the Register of Commerce.  TAXATION  The Fiscal Procedure Code was republished. Government Ordinance No. 92/2003 regarding the Fiscal Procedure Code as amended by Law No. 174/2004 was republished in Official Gazette No. 560 of June 24, 2004 The Fiscal Procedure Code was republished pursuant to the amendments introduced by Law No. 174/2004.  BANKRUPTCY  The Government Ordinance No. 10/2004, regarding the judicial reorganization and the bankruptcy of the credit institutions was approved by law Law No. 278/2004, for the approval of Government Ordinance No. 10/2004, regarding the judicial reorganization and the bankruptcy of credit institutions was published in the Official Gazette No. 579, of June 30, 2004. The approval law brings important amendments to GO No. 10/2004 (the  Ordinance ). Any referring to  judicial reorganization  was eliminated from the title and from the content of the Ordinance. The administrator, which according to the initial text of the Ordinance had competences in the reorganization stage, was replaced with the  interim administrator , appointed by the National Bank of Romania, which has the duty to take the appropriate measures in order to prevent the diminishing of the assets or the increase of the liabilities of the credit institution, until the liquidator is appointed. The law also provides in detail the competences of the liquidator.  BANKING  The procedure of approving the distance payment instruments, such as internet-banking, home-banking or mobile-banking Order No. 218/2004 regarding the procedure of approving the distance payment instruments, such as internet-banking, home-banking or mobile-banking was published in the Official Gazette No. 579 of June 30, 2004 The regulations apply to banks, Romanian legal entities and to branches established in Romania by foreign banks and set forth the procedure to be observed by the Ministry of Communications and Information Technology, for issuing the certificate for approving the distance payment instruments.    Issue No. 56  Page 3  SECURITIES  Law No. 297 on capital market was published in the Official Gazette No. 571 of June 29, 2004 The purpose of the new law is to adjust the national legislation to the provisions of the EU Directives regarding the capital market. The law compresses the main regulations concerning the capital market in one legal act, and abrogates the Government Emergency Ordinance No. 26/2002 regarding the undertakings for collective investment in securities, the Government Emergency Ordinance No. 27/2002 regarding regulated commodities markets and derivative financial instruments, and the Government Emergency Ordinance No. 28/2002 regarding securities, financial investment services and regulated markets. The Law shall enter into force within 30 days as of its publication.  New law on the capital market  INTELLECTUAL PROPERTY  Law No. 285/2004 amending and supplementing Law No. 8/1996 regarding copyright and neighboring rights was published in the Official Gazette No. 587 of June 30, 2004 The new law brings substantial amendments to Law No. 8/1996. Among other amendments, we may underline the introducing of new definitions of terms or the re-defining of terms, the introducing of the concept of  sui generis rights, the introducing special legal provisions regarding the rights of producers of audio-video records and the extending of the penalty regime by including the legal entities. Law No. 8/1996 regarding copyright and neighboring rights was amended and supplemented  CONSUMER PROTECTION  Law No. 245/2004 on the general safety of products was published in the Official Gazette No. 565 of June 25, 2004 The purpose of the law is to ensure the safety of the products which are on sale. According to the law, the producers have the obligation to put on sale only safe products. The law also provides for specific obligations of producers and distributors. The authority which has the competence to supervise the marker as concerns the conformity of products with general conditions of safety and the identifying minor offences and enforcing penalties related thereto is the National Authority for Consumer Protection. Law on the general safety of products    Page 4  LEGAL UPDATE  Law No. 296/2004, regarding the Consumption Code was published in the Official Gazette No. 593 of July 1, 2004. The Consumption Code (the  Code ) establishes the legal framework for relationships between the economic agents and the consumers, regarding the acquisition of products and services (including financial services). The Code sets forth certain prohibitions regarding the forced sales or the conditional sales (sales which are made conditional of acquiring minimum amounts of products or other products or services). The obligations of producers, distributors and providers of services, as well as the consumer \'s rights are analyzed in detail by the Code. The Code also comprises general provisions regarding the regime of prices and fees and the publicity of products. For the purpose of informing the economic agents and the consumers with regard to results of market surveys, opinion polls and distribution strategies, the National Consumption Institute is created, under the supervision of the National Authority for Protection of Consumers. The Code enters into force as of January 1, 2007.  The Consumption Code  Law No. 282/2004 on the protection of acquirers regarding certain aspects of contracts concerning acquiring of rights to use real estate assets on a limited term was published in the Official Gazette No. 580 of June 30, 2004  Protection of acquirers of rights to use real estate assets for a limited period of time  The law governs the contracts under which a party acquires a right of using a real estate asset for at least one week per year, concluded for a period of minimum three years.  The law provides for mandatory clauses which have to be included in such agreement, as well as the procedure of annulment or unilateral termination.  PUBLIC FINANCES  Law No. 313/2004, regarding the public debt was published in the Official Gazette No. 577 of June 29, 2004. The law sets forth the conditions under which the Romanian Government may contract and reimburse sate loans from internal and external markets. The law also governs the legal regime of the state titles and state guarantees. New law regarding the public debt The provisions of the law shall be completed with implementation norms to be issued by the Government, as well as special regulations of the Ministry of Public Finances, the National Securities Commission and National Bank of Romania, regarding the state titles. The law enters into force as of January 1, 2005. Starting with such date, Law No. 81/1999 regarding the public debt and certain articles of Emergency Government Ordinance No. 45/2003 shall be abrogated.    Issue No. 56  Page 5  PUBLIC AUTHORITIES  Law No. 304/2004 regarding judicial organization was published in the Official Gazette No. 576 of June 29, 2004. The law regarding the judicial organization establishes the rules for the organization of the judicial courts, the formation of the panel of judges, liabilities of the Public Ministry, the organization and operation of the National Institute of Magistrates and judicial assistants. The law introduces the special tribunals as separate courts (special tribunals for minors and family, special tribunals for labor and social insurances, commercial tribunal and fiscal-administrative tribunal). The special tribunals must proceed their activity at January 1, 2008 at the latest. The law enters into force after 90 days as of its publishing with the Official Gazette, except for certain provisions which enter into force in 2005 or 2008.  New regulations regarding judicial organization  LABOR LAW  Government Resolution No. 938/2004 regarding the conditions for establishing and operation, as well as the procedure for authorization of temporary labor agents was published in the Official Gazette No. 589 of July 1, 2004 The temporary labor agents are commercial entities authorized to employ individuals for the purpose of performing certain temporary activities on behalf and at the request of a third party (the  user , as defined by the Labor Code). Foreign citizens or stateless persons with their domicile or residence in Romania may also be employed by temporary labor agents. The authorization of the companies as temporary labor agents is issued by the Ministry of Labor, Social Solidarity and Family through their special departments. As a condition to obtain the authorization to operate as temporary labor agent, commercial entities have to establish a financial guarantee. The authorization is valid for a period The authorized temporary labor agents must register with the National Register for Evidence of Authorized Temporary Labor Agents, to be established under the supervision of the Ministry of Labor. The Government Resolution also provides for the conditions under which the temporary labor agents may operate.  Temporary labor agents  IT/TELECOM  Order No. 250/189/748/2004 regarding the qualification of software creation activities was published in the Official Gazette No. 573 of June 29, 2004 In accordance with the provisions of the Fiscal Code, individuals who perform software creation activities are exempted from payment of tax on salary. The exemption applies only to incomes earned based of an individual labor agreement. The order provides the conditions which have to be met by the employees and the activity performed by them in order to benefit from the tax exemption. Conditions for IT activities to qualify as software creation activities    Page 6  LEGAL UPDATE  LEGAL PROFESSION  Law No. 255/2004, for the amendment and supplement of Law No. 51/1995, regarding the organizing and performing of the profession of lawyer was published in the Official Gazette No. 559 of June 23, 2004. Amendments to Law No. 51/1995, regarding the organizing and performing of the profession of lawyer The new law brings material amendments to the regulations governing the performing of the profession of lawyer. Lawyers are allowed to perform  fiduciary activities  which consist of holding in trust, for the benefit of the client, of financial funds or assets, as well as of administrating in the name and on behalf of the client of such funds or assets. Lawyers may provide hosting facilities at their professional offices for establishing the headquarters of newly incorporated companies, on a temporary basis, and may hold in the name and on behalf of the client shares in such companies. Another important amendment is the extending of the legal forms in which the profession of lawyer may be exercised, by introducing the limited liability professional civil company. Such limited liability company may be established by at least two senior lawyers, has distinct legal capacity and separate patrimony. The minimum amount of the share capital is the ROL equivalent of Euro 10,000. The National Union of Lawyers was replaced by the National Union of Romanian Bars ( NURB ). The new law comprises detailed provisions regarding the managing bodies of NURB.  CRIMINAL LAW  Law No. 301/2004 regarding the Penal Code was published in the Official Gazette No. 575 of June 29, 2004. New Penal Code The new Penal Code divides criminal offences into crimes and offences. The most severe complementary punishments for criminal offences committed by legal entities are the dissolution of the The Code introduced the criminal liability of legal entity and the suspending of its legal entities. As main punishment which may activity for one to three years. be enforced against a legal entity the Code provides for penal fine between ROL 10 The new Code shall enter into force after one year as of the date of its million and ROL 10 billion. publication.  Law No. 290/2004 on the criminal record was published in the Official Gazette No. 586 of June 30, 2004  New law on the criminal record  The new Law regarding the criminal record shall enter into force within 30 days as of its publication.  On the same date Law No. 7/1972 on criminal records shall be abrogated.    Amendments to the Criminal Procedure Code  Government Emergency Ordinance No. 55/2004 amending the Criminal Procedure Code was published in the Official Gazette No. 592 of July 1, 2004 The amendment consists in the abrogation of paragraph 7 of article 52 of the Criminal Procedure Code, concerning the recourse against the ruling which rejects the petition for challenging the judge.  Law regarding serving of punishments and sanctions ordered by judicial bodies during criminal trials  Law No. 594/2004, regarding serving of punishments and sanctions ordered by judicial bodies during criminal trials was published in the Official Gazette No. 591 of July 1, 2004 According to the new regulations, the serving of punishments shall be performed under the supervision and authority of a delegate judge. The new regulation covers certain institutions of penal procedure law, such as: serving of main custody punishments and main non-custody punishments, the regime serving of punishments, imprisonment conditions, the rights and obligations of the persons who are serving punishments, etc.  Pachiu & Associates is a Romanian registered Law firm. All attorneys are senior members of the Bucharest Bar and National Union of Lawyers. This document is an update of recent legal developments in Romania and is designed solely for the purpose of information. No part of this newsletter may be reproduced without prior written approval of the authors. It is a breach of law to proceed otherwise and might lead to civil, criminal and administrative liability. The readers are advised to seek advise from a qualified attorney when taking decisions based on the content of this document. Pachiu & Associates undertakes no liability regarding the business or legal decisions based on the content of this newsletter.  PACHIU & ASSOCIATES ATTORNEYS AT LAW  36 Spatarului Street, Suite No. 4, Bucharest 2, Romania Phone: +40( 21) 212 00 23 Fax: + 40 (21) 211 56 36 E-mail: office@lp-legal.com Web: www.lp-legal.com    ",281);arrFiles[63]=new Array(64,"pdf/Tax_Romania.pdf","2004-12-08","romania.140_145.tp","","","Corporate Tax 2005  A practical insight to cross-border Corporate Tax work  Published by Global Legal Group with contributions from:  A&L Goodbody Allens Arthur Robinson Bech-Bruun Dragsted Blake, Cassels & Graydon LLP Bugge, Arentz-Hansen & Rasmussen Caplin & Drysdale Dias Carneiro Advogados Hengeler Mueller Herzog, Fox & Neeman  Lenz & Staehelin Loyens Loyens & Loeff Macchi di Cellere Gangemi Mannheimer Swartling Matheson Ormsby Prentice Mayer Brown Rowe & Maw LLP Nagashima Ohno & Tsunematsu Ogier & Boxalls  Ogier & Le Masurier Pachiu & Associates Roschier Holmberg, Attorneys Ltd. Salans Slaughter and May Smith-Hughes, Raworth & Mckenzie Uría & Menéndez Werksmans    Chapter 27  Romania  Pachiu & Associates  Cornel Tabarta  Remus Valsan  1. General: Treaties  1.1 How many income tax treaties are currently in force in your jurisdiction?  1.5  Are treaties overridden by any rules of domestic law (whether existing when the treaty takes effect or introduced subsequently)?  To date, Romania has concluded 80 income tax treaties, and all of them are currently in force.  1.2 Do they generally follow the OECD or another model?  As a general rule, most income tax treaties concluded by Romania follow the OECD Model with Respect to Taxes on Income and Capital.  1.3 Do treaties have to be incorporated into domestic law before they take effect?  The international treaties become part of the Romanian legislation upon the consent of the Romanian state to become party to the treaty. The consent may be expressed under the following procedures: ratification, approval, adhesion or acceptance. Income tax treaties are commonly approved by ratification. Income tax treaties are concluded at state level and have to be ratified by a law issued by the Parliament before entering into force. As a general rule, such treaties enter into force within a certain period of time after the last ratification instrument is delivered to the other contracting state (usually 30 or 60 days), and effectively apply to the taxes which become due after January the 1st of the year following the year in which the treaty entered into force.  1.4 Do they generally incorporate anti-treaty shopping rules (or ``limitation of benefits \' \' articles)?  Once implemented into domestic law, the provisions of the treaty shall prevail over the domestic law which is contrary to its content. The treaty shall have the force of a law and usually provides for a specific date of enforcement. After the enforcement date, further amendments to the treaty may be performed only as allowed in the text of the treaty. The Constitution of Romania (Article 11 Para 2) provides that where an international treaty contains provisions which are contrary to the Constitution, its ratification shall take place only after the appropriate amendment of the relevant provisions of the Constitution have been performed. It should be noted that Law No. 571/2003 regarding the Fiscal Code (the ``Fiscal Code \' \'), provides that in case the withholding tax rate imposed on the incomes of non-residents by the income tax treaty is higher than the tax rate imposed by the domestic law, then the provision of the domestic law shall prevail. This particular provision of the Fiscal Code enables the mitigation of adverse effects of higher tax rates levied under income tax treaties concluded prior to the date of enforcement of the Fiscal Code (January 1, 2004), by way of establishing the maximum threshold of taxation of non-residents to the limits set up by the Fiscal Code. 2. Transaction taxes  2.1 Are there any documentary taxes in your jurisdiction?  The majority of income tax treaties concluded between Romania and other contracting states do not contain provisions which would restrict the benefits of reduced taxation for persons who would not be entitled to such benefits (e.g. by use of conduit companies). However, Article 26 of the income tax treaty concluded between Romania and United States of America on December 4, 1973 provides for limitation of tax reductions granted to parties which ``are not entitled to such reductions \' \'. It is the most notable exception from the general concept of income tax treaties Romania has entered into.  The most common documentary tax is the stamp duty, as provided by the Law No. 146/1997 regarding judicial stamp duty as subsequently amended and modified and by the provisions of the Government Ordinance No. 12/ 1998 regarding stamp duty for the activities of notaries (``GO No. 12/1998 \' \'), as subsequently amended and modified. The tax is imposed usually on (i) incorporation of companies and amendments to the articles of association of the company, including share transfer and changing of the shareholders \' structure; (ii) sale purchase of real estate assets, registration of any deeds regarding an immovable with the local land register (e.g. establishment of a mortgage or other real property right) and (iii) conclusion ICLG TO CORPORATE TAX 2005  140    Pachiu & Associates  of deeds with a notary office. In some cases, the law requires the authentic form of a particular deed, such as transfer of property over a land or deeds related to inheritance. GO No. 12/1998 provides for a grid of computation of the amount of stamp duty, based on minimum flat rates, and a decreasing ad valorem tax rate  2.2 Do you have Value Added Tax (or a similar tax)? If so, at what rate or rates?  Romania  the apportionment of purchased goods and services to transactions chargeable at each VAT rate. In cases where the amount of VAT paid for goods and services by a taxpayer during the reporting period exceeds the amount of VAT collected for goods and services delivered to customers, the taxpayer is entitled to claim the reimbursement of the VAT from the state, by ticking the appropriate box on a VAT statement submitted to the tax authorities. VAT is usually paid on a monthly basis. Businesses with a turnover not exceeding 100,000 during a fiscal year may choose to pay VAT on a quarterly basis (Article 146 of the Fiscal Code). Reimbursement of VAT may therefore be claimed subject to the reporting period. The taxpayer may however elect to credit the VAT for the next period, if it deems that the balance shall be in favour of the VAT collected from its customers. Reimbursement shall not be available in case the amount of VAT to be reimbursed is less than ROL 50,000,000 (approx. 1,250).  2.5 Are there any other transaction taxes?  2.3  Is VAT (or any similar tax) charged on all transactions or are there any relevant exclusions?  The Fiscal Code applies the ``destination principle of taxation \' \', with further amendments and exceptions. Taxpayers with a turnover not exceeding the threshold of ROL 2 bln. (48,780) during a fiscal year may elect not to pay VAT. The Fiscal Code provides for an extensive list of VAT exclusions, grouped in three main categories: (i) exempt transactions, for which VAT is not due, but which allow for the deduction of the amount of VAT paid for purchased goods and services. Among these are supply and transportation of goods outside Romania, supply of goods under a bonded warehouse regime, and delivery of goods for and by duty-free shops, certain transactions performed within the limits of free trade zones and free ports, (ii) exempt transactions, for which VAT is not due, but which do not allow for the deduction of the amount of VAT paid for purchased goods and services (among these are medical and healthcare services, educational activities, broadcasting and production of TV and radio programmes, except for advertisements; almost all financial services are VAT exempted) (iii) import exempt transactions, for which VAT is not due to be paid at the moment of performing the customs clearance while entering Romania. These exemptions apply for goods exempted from VAT in Romania, personal belongings of travellers, import of goods by foreign diplomatic personnel, goods which are transferred into the ownership of the Romanian state (e.g confiscated goods and res derelictae or goods resulting from a criminal offence). Obsolete goods are not subject to VAT, under certain conditions.  2.4 Is it always fully recoverable by all businesses? If not, what are the relevant restrictions?  Incomes arising out of real estate disposals are subject to a 10% profit tax, provided that the company continuously held the property for 2 years and the transaction is performed between non-affiliated entities.  2.6 Are there any other indirect taxes of which we should be aware?  Another indirect tax is the excise tax, as provided under the provisions of Title VII of the Fiscal Code. Excise tax is levied on beer, wines, fermented drinks, other than wine, strong alcoholic drinks, ethylic alcohol, tobacco products, specific types of coffee and mineral oils (fuels), luxury goods, regardless of their domestic or foreign origin. The tax is levied on the basis of unit of weight or volume, subject to the type of product, as well as on an ad valorem basis. 3. Cross-border payments  3.1 Would there be any WHT on royalties paid by a local company to a non-resident?  The regular tax rate for the royalties paid to a nonresident is 15% of the gross value of the royalties. Nevertheless, the rate of the tax on royalties may not exceed the rate provided for by the income tax treaty concluded between Romania and the country where the beneficiary of the revenues has its fiscal residence.  3.2 Would there be any WHT on interest paid by a local company to a non-resident?  A business can recover VAT paid to the state budget in two ways, by VAT deduction and by VAT recovery. VAT paid for goods and services purchased by a taxpayer may be used as a credit for VAT collected for goods and services delivered to the customers of the taxpayer. In cases where the taxpayer performs transactions subject to different VAT rates (i.e. regular 19% rate and the reduced 9% rate), specific records should be maintained by the taxpayer, in order to show the allocation of goods and services to each type of transaction. The deduction is performed on a pro-rata basis, subject to the amount of purchased vs. delivered goods and services and ICLG TO CORPORATE TAX 2005  The tax on the interests paid to a non-resident by a Romanian company must be withheld and paid by the Romanian company. Interest for term deposits, deposit certificates and other financial instruments issued by banks or other authorised credit institutions located in Romania shall be charged with 5% tax rate. Other incomes shall be levied with a 15% withholding tax. Interest for sight deposits held in bank accounts, interest on securities issued and/or guaranteed by the Government of Romania, the local municipalities, the National  141  Romania  There are two VAT rates - standard VAT rate at 19% on the amount of transaction and the reduced VAT rate at 9%. The reduced rate is applicable to certain products, such as drugs and hotel services.    Pachiu & Associates  Bank of Romania, as well as interest on securities traded on an authorized market (provided that it is not paid to an affiliate entity, as such term is defined by the law), are tax exempted.  3.3 Would relief for interest so paid be restricted by reference to ``thin capitalisation \' \' rules?  Romania  treaty concluded between Romania and the country where the beneficiary of dividends has its fiscal residence. The tax on dividends must be computed, withheld and paid to the state budget by the resident entity. The state where the foreign person has its fiscal residence shall grant to the non-resident entity a fiscal credit for the tax on dividends paid in Romania, under the conditions provided by the income tax treaty. After Romania shall become a member of the European Union (January 1, 2007), the dividends paid by a Romanian legal person to a legal entity incorporated in a EU member state shall be exempt from tax on dividends, provided that the beneficiary of dividends holds at least 25% of the Romanian company \'s share capital for at least two years continuously.  3.7 Does your country have transfer pricing rules?  Romania  The Fiscal Code has detailed provisions with regard to the implementation of ``thin capitalization \' \' rules. In the case where the total debt of a company exceeds the total equity, the interest (including interest-related expenses) on the excess debt shall not be deductible. The ``thin capitalization \' \' rules only limit the interest paid to related parties. Interested paid to third parties, including banks, shall always remain deductible.  3.4 If so, is there a ``safe harbour \' \' by reference to which tax relief is assured?  The current maximum debt/equity ratio is 1:1 and is to be increased to 3:1 as of January 1, 2006. There are two main restrictions while calculating the amount of deductible expenses, which apply only for loans granted by entities other than banks, mortgage loan institutions or lenders authorized under statutory provisions: (i) the deductible interest rate for loans in national currency is limited to the amount of the reference interest rate of the National Bank of Romania published in the last month of each quarter and (ii) the deductible interest rate for loans in hard currency is limited to a rate of 9% per annum. This threshold may be further amended by the Government. In the case where the debt/equity ratio exceeds the 1:1 ratio, including the related expenses, the amount of deductible interest shall be up to the level of incomes generated from such dividends, plus a 10% rate from other income of the taxpayer.  3.5 Would any such ``thin capitalisation \' \' rules extend to debt advanced by a third party but guaranteed by a parent company?  The Fiscal Code makes a clear difference between loans granted to a company by banking institutions on one part, and loans granted by shareholders/other parties, on the other part. The company shall always be able to deduct the interest and loan related expenses granted by banking institutions, regardless of the party providing the collateral for such a loan. Therefore, ``thin capitalization \' \' rules do no extend to so-called back-to-back loans and loans secured by parent companies, granted by banking institutions, while the loans granted directly by shareholders or other parties shall be treated under the rules of ``thin capitalization \' \'. In this way, the law enables the use of multi-party financing schemes as tax shelters, in particular with respect to the amount of the withholding tax.  3.6 Is any withholding tax imposed on dividends paid by a locally resident company to a non-resident?  The Fiscal Code enables the authorities to apply the ``arm \'s length principle \' \', under which a particular transaction may be adjusted so as to reflect its true ``economic \' \' scope. While adjusting the price of the transaction between affiliated entities, tax authorities may use one of the following methods:  Comparable Uncontrolled Price Method, whereby the transfer price is established by comparing the price charged for property or services rendered in a controlled transaction to the price charged in a comparable uncontrolled transaction, under comparable circumstances;  Cost Plus Method, whereby the transfer price is established by including the costs incurred by the supplier of goods or services in a controlled transaction for goods transferred or services rendered to a related purchaser. An appropriate gross margin (``cost-plus mark-up \' \') is then added to such cost, to make an appropriate profit in light of the functions performed and the market conditions. The result of adding the cost-plus mark-up to the costs may be regarded as an ``arm \'s length price \' \' of the original controlled transaction and shall be subject to taxation;  Resale Price Method, whereby the ``arm \'s length price \' \' is set by deducting a normal profit margin from the resale price at which a buyer of the goods resells these goods to an unrelated party, after deduction of the costs of such resale, other costs of the taxpayer and a profit margin;  Any other method provided by the guidelines on transfer prices issued by the OECD; 4. Tax on business operations: general  4.1 What is the headline rate of tax on corporate profits?  The dividends paid by a Romanian company to a nonresident shareholder, legal or natural person are levied with a 15% withholding tax rate. The rate of tax on dividends provided by the Fiscal Code may not exceed the rate set forth by the income tax  The standard profit tax rate in Romania is 25%. The following exemptions/special tax rates are applicable: (i) night clubs, night bars, discotheques, casinos, and businesses performing gambling activities shall be subject to the regular rate of the profit tax, but in any case the tax shall not be less than 5% from the amount of total incomes generated by such businesses, (ii) investors in unprivileged areas incorporated prior to July 1, 2003 shall be exempted from the payment of the profit tax, (iii) investors in free trade zones and free ports benefit from different tax rates, under certain conditions. ICLG TO CORPORATE TAX 2005  142    Pachiu & Associates  A particular regime of taxation is established for socalled ``micro-enterprises \' \'. Companies which qualify as a ``micro-enterprise \' \' may elect to pay 1.5% tax rate on all incomes generated during a fiscal year. The company has to meet the following conditions: (i) the number of employed personnel is between 1 and 9, (ii) incomes generated by the company during a fiscal year do not exceed the threshold of 100,000 (in case of newly established companies, the option to choose the appropriate level of taxation is based on the anticipated turnover for the current year) (iii) company share capital is not held by the state, local authorities or public institutions. Banks, insurance and reinsurance companies, securities brokers, gambling businesses and companies having as shareholder a company with more than 250 employees do not qualify for the 1.5% taxation regime. Representative offices of foreign companies in Romania are subject to a flat tax of 4,000 per annum, regardless of their incomes during a fiscal year.  4.2 When is that tax generally payable?  Romania  that the beneficiary of dividends holds at least 25% of the shares of the dividend payer. The same rule shall apply to dividends arising out of participation by Romanian companies in companies established in EU member states, provided that the condition of 25% threshold is met.  4.6 If it otherwise differs from the profit shown in commercial accounts, what are the main other differences?  Profit shown in commercial accounts may differ subject to applicability of accounting rules regarding losses, accruals and other restrictions imposed by Romanian accounting standards.  4.7 What other national taxes (excluding those dealt with in ``Transaction Taxes \' \', above) are there - e.g. property taxes, etc?  Property taxes are levied by local authorities based on the declared value of the immovable and based on the location of the immovable.  4.8 Are there any local taxes not dealt with in answers to other questions?  The general rule set forth by the Fiscal Code is that taxpayers have to pay the profit tax on a quarterly basis, until the 25th of the month following the quarter for which the tax is calculated.  4.3 What is the tax base for that tax (profits pursuant to commercial accounts subject to adjustments; other tax base)?  The Tax base for the purposes of computation of profit tax is calculated as a difference between incomes from any source and the costs of generating such incomes. Tax exempt incomes shall then be subtracted from the result and finally the non-deductible expenses shall be added to the taxable base. Thus, the taxable income is determined based on the accounting profit adjusted for tax purposes.  4.4 Are there any tax grouping rules?  There are no tax grouping rules in the applicable Romanian tax regulations, under which companies may file consolidated tax reports to authorities, or shift the profits or losses between affiliated entities. Consequently, there are no rules which would enable the consolidation of profit and losses of a Romanian branch owned by a foreign company and its parent company. Group trading losses and gains may be offset under certain conditions during corporate restructuring (i.e. mergers and split-off).  4.5 Is tax imposed at a different rate upon distributed, as opposed to retained, profits?  Regular tax rate on dividends paid to a company is 10% and has to be withheld by the company that is paying the dividends. Retained profits are not subject to corporate tax, but may benefit from certain exemptions, if incorporated as mandatory reserve. Profits apportioned for the establishment of the mandatory reserves are fully deductible. Current level of mandatory reserve is 20% from the amount of subscribed and paid-in capital. Starting from the date of Romania \'s accession to the EU (January 1, 2007), dividends paid by a Romanian company to another Romanian company shall be exempted from the payment of tax on dividends, provided ICLG TO CORPORATE TAX 2005  As a principle, local taxes are established by the local authorities on a yearly basis, within the limits provided by the Fiscal Code. The Fiscal Code provides for the following local taxes:  Tax on means of transportation, such as cars, buses, trucks, tractors, motorcycles, boats, yachts, etc.;  Tax for issuing of certificates, approvals and authorizations due to be paid prior to the issuing of such documents;  Tax for advertising and publicity services, paid by the beneficiaries of such services at rates of 1% to 3% from the value of such services. The tax is not due for advertisements in the written and audio-visual media.  Tax on entertainment activities, due for artistic shows, sport competitions and the like. The value of the tax is 2% or 5% of the incomes, subject to the entertaining activity. There are special rules for determining the taxes for discotheques or video saloons.  Tax for hotel accommodation. The value of the hotel accommodation tax is determined by the Local Council, and may vary between 0.5% and 5% of the accommodation fee. The accommodation tax must be paid for the entire accommodation period, except for the accommodation facilities located in a tourist resort, for which the accommodation tax must be paid only for one night, regardless of the accommodation period.  Special taxes. The Local Councils, the County councils or the General Council of Bucharest Municipality may levy special taxes for certain local public services, which are provided for the benefit of individuals or legal entities. 5. Capital gains  5.1 Is there a special set of rules for taxing capital gains and losses?  The Fiscal Code provides for special rules of taxation of in kind contributions, asset transfer and offset, without reference to capital gains and taxes. Capital gains are currently considered as regular incomes of a company  143  Romania    Pachiu & Associates  and are included in the taxable base (see question 4.3) without any special treatment. Losses connected to the diminishing in the value of stockholding may be written off during 5 fiscal years. Starting with January 1, 2006, taxpayers holding for at least 2 years, continuously, stockholdings in a Romanian company shall pay a different capital gain tax rate, provided that the transaction is not performed between affiliated entities.  5.2 If so, is the rate of tax imposed upon capital gains different from the rate imposed upon business profits?  Romania  point of view it is regarded as a local entity and shall be subject to regular tax rates.  6.3  Would such a branch be subject to a branch profits tax (or other tax limited to branches of non-resident companies)?  A branch is considered as a permanent establishment both in the reading of the Fiscal Code and in the reading of all income tax treaties. Incomes attributed to a permanent establishment shall be subject to a regular profit tax rate of 25%.  Currently, capital gains are subject to the regular rate of profit tax of 25%. Starting from January 1, 2006 the level of taxation for capital gains shall be at 10%, for both residents and non-residents, provided that the condition of continuous stockholding for 2 years is met, and provided that the transaction is not performed between affiliated entities.  5.3 Is there a participation exemption or relief for reinvestment?  Romania  6.4  Would a branch benefit from tax treaty provisions, or some of them?  If reinvested either by way of capital increase or contributions in kind, capital gains profits shall not benefit from specific business taxation. 6. Branch or subsidiary?  6.1 What taxes (e.g. capital duty) would be imposed upon the formation of a subsidiary?  A branch is deemed to be a permanent establishment and shall benefit from tax provisions provided by OECD model tax treaty (followed by Romania in the majority of its income tax treaties), subject to the observance of rules of attribution of income and expenses to the permanent establishment. As a rule, only expenses incurred for the purposes of the permanent establishment, including executive and general administrative expenses shall be deductible.  6.5  How would the taxable profits of a local branch be determined?  The incorporation of a subsidiary triggers registration with the trade registry taxes, which may amount to a maximum of 150. Such registration taxes include a share capital tax, the value of which may not exceed ROL 3,800,000 (the equivalent of approximately 90).  6.2 Are there any other significant taxes or fees that would be incurred by a locally formed subsidiary but not by a branch of a non-resident company?  Although the branch does not have a separate legal personality (as opposed to the subsidiary), from the tax  Unless there is no income tax treaty concluded, the taxable base of a branch for the purpose of computation of profit tax shall include only incomes apportioned to the branch. Only branch related expenses shall be taken in account for the purpose of profit taxation. Branch management and administration expenses, regardless of their place, shall be deductible up to 10% of the gross payroll per branch (provided that there is no income tax treaty in force). Taxable incomes of a branch with respect to its relationship with the parent company shall be determined by applying the Comparable Uncontrolled Price Method (see question 3.7).  144  ICLG TO CORPORATE TAX 2005    Pachiu & Associates  Cornel Tabarta  36 Spatarului Street, Suite No. 4 Bucharest 2 Romania  Romania  Remus Valsan  36 Spatarului Street, Suite No. 4 Bucharest 2 Romania  Tel: Fax: Email: URL:  +40 21 212 00 23 +40 21 211 56 36 cornel.tabarta@lp-legal.com www.lp-legal.com  Tel: Fax: Email: URL:  +40 21 212 00 23 +40 21 211 56 36 remus.valsan@lp-legal.com www.lp-legal.com  Pachiu & Associates is a business law firm established by Romanian attorneys. The lawyers of the firm are all graduates of leading universities in Romania or abroad and are all members of the Bucharest Bar Association and the National Union of Lawyers. More than half of the lawyers are senior members of the Bucharest Bar Association. All lawyers are fluent in Romanian and English, and some are fluent in German, French and Russian. The Firm provides for a full range of commercial and corporate legal advice. The Firm has extensive expertise in matters related to corporate governance, corporate disputes, securities, mergers and acquisitions, bankruptcy, commercial contracts, offshore and tax structures, labour law, real estate, anti-trust law, intellectual property, banking and project financing, secured transactions, cross-border transactions, public acquisitions, procurement, and litigation. Apart from its consistent mergers & acquisitions and cross border transactions practice, the firm has developed a strong tax practice. Any type of transaction is always duly considered from a tax point of view. The firm maintains a close relationship with some leading multinational law firms and other small and medium sized law firms from abroad, so as to ensure efficient lia