Publications

Recent developments in the FDI screening in Romania and beyond

This article analyses the recent and upcoming changes in Romania’s foreign direct investment screening regime following Government Emergency Ordinance No. 17/2026 which amended and supplemented Government Emergency Ordinance No. 46/2022. It examines the clarified scope of reviewable transactions, revised thresholds, and procedural innovations, alongside the forthcoming overhaul of the CEISD operating regulation and notification form. These national updates are evaluated against the backdrop of the Regulation (EU) 2026/1386, which will supersede Regulation (EU) 2019/452 once it comes into force.

Released on Aug 10, 2026

Keeping up with merger control: comparing Turkey’s recent amendments with the EU Draft Merger Guidelines

This article examines the recent amendments to the Turkish merger control regime, namely the revisions to Communiqué No. 2010/4 and the accompanying merger control Guidelines and compares them with the European Commission’s Draft EU Merger Guidelines. While the Turkish reforms primarily aim to enhance legal certainty and predictability, the Draft EU Merger Guidelines propose a broader modernisation of substantive merger assessment to reflect developments in innovation, investment and competitive dynamics. Through this comparative analysis, the article highlights the practical implications of the Turkish reforms and considers their significance in the context of evolving merger control enforcement.

Released on Aug 10, 2026

ROBOR and competition law: Romania’s landmark benchmark-setting investigation

The Romanian Competition Council has sanctioned ten banks for alleged coordination in the ROBOR (Romanian Interbank Offer Rate) benchmark-setting process, imposing fines totalling approximatively €700m. The case is significant not only as a major domestic enforcement development, but also as a national application of EU competition law to benchmark-related conduct, in line with the European Commission’s precedents.

Released on Aug 10, 2026

Who gets a say? The case for negotiated mechanisms under Bill No. 4,675/2025 and the future of digital markets regulation in Brazil

This article presents preliminary thoughts and considerations on Brazil’s Bill No. 4,675/2025, which will make the Administrative Council for Economic Defence (CADE) the regulator for digital markets. It briefly analyses the adequacy of the proposed model: (1) for the digital markets sector; and (2) in relation to Brazil’s existing framework. The article also demonstrates that adopting a dialogue-based model for the obligations of the agents designated as systemically relevant ‘gatekeepers’, given CADE’s experience and success with consensual negotiations, may enhance proportionality, legal certainty and regulatory effectiveness without displacing public enforcement authority.

Released on Aug 10, 2026