Category: News

The Regional Centre for European Studies (RCES), an esteemed online executive education institution in Europe, has launched an innovative MasterClass focused on the Administration of Construction Contracts. This course is a testament to the RCES’s commitment to offering expert-led academic programs that have already transformed the lives of thousands globally​​​​.

At the helm of this MasterClass is Prof. Dr. Oana Gherghina, a distinguished figure in the field of construction law. Dr. Gherghina, the President of the RCES Scientific Committee and Managing Partner of Gherghina Law holds a Ph.D. in Construction Law and is an acclaimed author of two Construction Law books and numerous international scientific articles. With two decades of experience as a business attorney and her extensive academic involvement, including her role as a Business Law and European Union Law Professor at FABIZ Bucharest, Dr. Gherghina is uniquely positioned to lead this program​​​​.

The MasterClass is designed to delve into the nuances of contract formulation, negotiation, and administration in the construction sector. It promises to equip participants with the necessary skills to confidently navigate contracts, mitigate risks, and efficiently settle disputes and resolutions. This initiative by RCES and Dr. Gherghina aims to fortify the participants’ knowledge base, setting a strong foundation for successful construction projects​​​​.

Through this course, Dr. Gherghina plans to guide participants through the intricacies of construction contracts, leveraging her extensive practical experience and theoretical knowledge. The course aims to transcend beyond textbook knowledge, offering insights rooted in real-life experiences and rich legal expertise. This approach is expected to provide a comprehensive understanding of the subject, crucial for professionals involved in the construction industry​​.

In summary, the MasterClass on the Administration of Construction Contracts is a significant step forward in professional education in the field of construction law and contract management. Under the guidance of Prof. Dr. Oana Gherghina and backed by the expertise of the RCES, this course is set to empower professionals with the knowledge and skills required for effective construction contract administration.

The recent implementation of HG 1.117/2023 marks a pivotal development in Romania’s approach to corporate sustainability and transparency. As of November 21, 2023, the Romanian Sustainability Code, introduced and published in the Official Monitor, offers an optional framework that can be adopted not only by companies obligated to submit non-financial declarations but also by those not currently required to do so.

The Romanian Sustainability Code, crafted by the General Secretariat of the Government, serves as a significant tool in the realm of sustainability reporting. Unlike traditional legislative codes, this methodology aims to broaden the scope of entities engaging in sustainability reporting, focusing on enhancing the transparency and comparability of these reports. This initiative addresses the growing need for clarity and uniformity in non-financial information, which is becoming increasingly important to stakeholders like investors and consumers.

This new normative act brings about a substantial shift in the sustainability reporting landscape. By simplifying and making the reporting process more transparent, it ensures that all reports are accessible on a unified platform, benefiting all interested parties. The methodology not only provides explicit guidance on what should be included in sustainability reports but also makes the process more comprehensible for companies.

The adoption of this methodology offers numerous advantages, including increased transparency, streamlined reporting processes, elevated visibility for reporting companies, and easier access to best practices in sustainability. Notably, the use of the Sustainability Code is free for both obligated entities and those choosing to participate voluntarily.

In conclusion, the Romanian Sustainability Code represents a crucial step in promoting sustainability and transparency within the Romanian business environment. By embracing this methodology, companies can demonstrate their commitment to sustainable development in a coherent and transparent manner, thereby enhancing stakeholder trust in their activities.

It’s important to note that starting in 2024, the non-financial declaration will be replaced with a sustainability report, and a broader range of companies will be required to submit these reports than currently.

In the past year Romania has witnessed a number of important developments in the area of compliance and financial crime which will have a significant impact on the risk exposure of companies operating in Romania for the foreseeable future. These developments include the adoption of new laws and regulations that are in line with European and international best practice, a strengthening of the enforcement authority and resources available to regulators to pursue violators and to impose penalties and sanctions, and enhanced cooperation between Romanian and European law enforcement bodies to protect the integrity of the EU financial system from money laundering and terrorist financing.

Compliance now needs to be on the agenda of boards and management teams, and strategic business decisions – whether they relate to the launch of new products or services, acquisitions and other opportunities to expand your business in the Romanian market. The selection of key business partners will need to be undertaken only after a thorough compliance risk assessment is performed. The best companies will reassess their compliance policies and risk exposure in light of the continuous development of EU regulations.

All companies would be well advised to make appropriate adjustments and take corrective actions now to ensure they can continue to operate successfully in the new compliance-focused regulatory environment of the Romanian market.

In order to remind you about possible compliace issues in your organisation please feel free to consider the top 10 key question prepared by Gherghina Law Compliance & Investigation Department:

TOP 10 KEY QUESTIONS

1.Do you have in your organisation a rigorous process in place across all functions to ensure employees are clear on their responsibilities regarding compliance?

2.Does the volume of new regulations in place has made it incredibly difficult to manage risk and remain compliant?

3. Do you fully expect compliance breaches to rise as Romanian regulation becomes more complex and is continuously changing?

4. Are you concerned that the compliance strategies set by the leadership team are not always implemented properly on the chain of command ?

5. Is it possible that a supply chain partner could have a potential compliance risk of which we wouldn’t necessarily be aware of?

6. Are you concerned your organisation is not getting the balance right between compliance and growth?

7. Is the compliance team unit involved in the planning and implementation  stages of strategic growth decisions like M&A, Minority stake investments, Joint ventures, New supply chain partners, New partnerships and New technology/systems?

8. Are there any compliance issues in your organisation that have been discovered by the regulator?

9. Are you concerned about the results of the audit for compliance of the potential acquisitions and investments for your company?

10 Are you aware of any compliance issues in your organisation that are yet to be discovered by the regulator?

If you answerd mostly YES to the 10 questions, you might need to focus on putting in place a robust compliance system to detect possible compliance issues at early stages.

At Gherghina Law we have a specialised Compliance and Investigation Department who can help you implement compliance systems and carry out regular due diligence exercises to determine the company’s risk of exposure to internal and external financial crime. Our tem will also train your employees to ensure that these systems and controls are understood and properly and effectively implemented, allowing them to withstand regulatory scrutiny