INSIGHTS

BY GRAYLING

Grayling CEE Outlook 2026

As every year, we have prepared Grayling’s CEE Outlook report, outlining the key political, economic and regulatory developments businesses should be aware of in the year ahead. In this edition, our Public Affairs teams highlight the policy, regulatory and geopolitical shifts most likely to shape the operating environment in 2026 in Central and Eastern Europe. The region continues to adjust to a shifting geopolitical and economic landscape. Governments across CEE are balancing fiscal consolidation with rising defence spending, while navigating ongoing uncertainty shaped by Russia’s continued war against Ukraine, a more transactional United States, and visible strains within the European Union. Together, these factors point to a period of gradual strategic recalibration. If you would like a more in-depth discussion tailored to specific industries or markets, please do not hesitate to contact us. We also encourage you to share the CEE Outlook with colleagues who may find it useful for their strategic planning.

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LEGAL BRIEFS

BY TUCA ZBARCEA & ASOCIATII

Competition Law - Amendments to the investment screening regime in Romania

Government Emergency Ordinance No. 17 of 12 March 2026 (“GEO No. 17/2026”) was published in the Official Gazette No. 199 on 13 March 2026. It amends and supplements several legislative acts, including: (i) Government Emergency Ordinance No. 46/2022 on measures to implement Regulation (EU) 2019/452 of the European Parliament and of the Council of 19 March 2019 establishing a framework for the screening of foreign direct investments into the Union, and amending and supplementing Competition Law No. 21/1996 (“GEO No. 46/2022”); and (ii) Competition Law No. 21/1996 (the “Competition Law”). Relevant highlights: • The examination fee is reduced from EUR 10,000 to EUR 5,000; • Increased materiality threshold triggering the notification obligation under GEO No. 46/2022; • Single notification procedure for multiple transactions between the same parties within one year; • Aggregation of interdependent transactions carried out over the course of a year which, individually, fall below the threshold of EUR 5,000,000 and notification of such transactions once the materiality threshold is exceeded; • Conditional exemptions from the notification obligation for certain internal restructurings or reorganisations; • Amendment of GEO…

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Regulatory Radar

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Proiect de lege privind aprobarea OUG 73/2018 pentru completarea art.1 din OUG 109/2011 privind guvernanta corporativa a intreprinderilor publice - PL-x 559/2018

Stadiu: Curtea Constituțională, cu unanimitate de voturi, a respins obiecția de neconstituționalitate formulată de Președintele României, 27 mai 2026
Initiatori:  Ministerul Economiei

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Proiect ordin ANAF pentru modificarea Ordinului ANAF 3.562/2024 pentru aprobarea Procedurii privind redirecţionarea impozitului pe profit pentru efectuarea de sponsorizări şi/sau acte de mecenat

Stadiu: publicat in consultare publica, 28 mai 2026
Initiatori:  ANAF 

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Proposal for a Regulation on settlement finality and repealing Directive 98/26/EC and amending Directive 2002/47/EC on financial collateral arrangements - COM(2025) 941 final

Stadiu:  Opinion of the European Central Bank published in the Official Journal, C series, 28 May 2026
Initiatori:  European Commission

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Proposal for a Directive amending Directives 2009/65/EC, 2011/61/EU and 2014/65/EU as regards the further development of capital market integration and supervision within the Union - COM(2025) 942 final

Stadiu:  Opinion of the European Central Bank published in the Official Journal, C series, 28 May 2026
Initiatori:  European Commission

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Proposal for a regulation amending Regulations (EU)1095/2010,648/2012,600/2014,909/2014,2015/2365,2019/1156,2021/23,2022/858,2023/1114, 1060/2009,2016/1011,2017/2402,2023/2631,2024/3005 - capital market integration & supervision-COM(2025) 943 final

Stadiu:  Opinion of the European Central Bank published in the Official Journal, C series, 28 May 2026
Initiatori:  European Commission

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