The Code of Civil Procedure sets out a number of conditions that must be met in order for a foreign arbitral award to be recognised and enforced in Greece. The conditions that applicants must satisfy in this regard are in line with the New York Convention, to which Greece is a signatory. This article provides comprehensive guidance on the recognition and enforcement process's requirements.
Under Article 897 of the Code of Civil Procedure, an arbitral award can be annulled in whole or in part by a decision from the competent national court only if it is contrary to, among other things, public order provisions or bonos mores. Examples of public order provisions that would justify the annulment of an arbitral award include jus cogens rules which have been enacted in order to protect the public interest.
The advantages of arbitral proceedings, including speed, may be compromised when an arbitral award is challenged. The recent changes to the Civil Procedure Code aimed at accelerating judicial proceedings have not yet shown considerable progress. In any case, the Greek courts are reluctant to set aside arbitral awards or refuse their enforcement, thus indicating that recourse to arbitration for local and international cases is a valuable instrument in alternative dispute resolution.
The Supreme Court recently ruled that the provisions that require arbitrators' details to be included in the award also apply by analogy to tribunal secretaries. Following the judgment, arbitrators should always refer in detail to the particulars of the secretary employed in the arbitration (which is always a best practice) in order to avoid unnecessary complications that may lead to the setting aside of the award.
An important consideration before doing business in Greece is choosing the most suitable corporate entity. However, there are several other key elements to consider. A one-stop service is available (with limitations) for the incorporation of all company types, provided that they use basic (ie, template) articles of association; however, there are no 'off-the-shelf' companies in Greece. This article outlines the basic types of Greek corporate entity (excluding maritime entities).
The renewable energy sources (RES) sector of the Greek energy market is undergoing continuous and significant reform. Among other changes, the Hellenic Energy Exchange has commenced operations, RES producers now participate in the day-ahead market and the Greek islands' renewables sector has been expanded.
The minister of environment and energy recently amended the competitive procedures for determining operating state aid granted as feed-in premiums for 2019 and 2020. Further, the latest competitive procedures resulted in significant price reductions for photovoltaic (PV) and wind projects. However, owners of small PV plants have claimed that they have been disadvantaged by the merging of all PV plant categories into one.
In April and May 2019 solar and wind renewable energy systems producers will compete for the first time for operating state aid and a place in the Greek energy market in a joint competitive tender procedure organised by the Energy Regulatory Authority. Despite certain doubts, the market signs indicate that a significant number of players and capacities plan to participate in the upcoming joint competition.
A draft law on the further unbundling and privatisation of the public natural gas company DEPA was recently submitted to Parliament. The draft law proposes that DEPA be divided into two companies: DEPA Infrastructure and DEPA Trade. The main opposition to the draft law centres on the fact that the state will retain a 14% stake in DEPA Trade, which some have argued will allow the state to retain too much control and potentially veto strategic policy issues.
The second regular wind and photovoltaic (PV) state aid auction held in December 2018 resulted in the award of all of the capacities for two of the three categories of renewable energy system project, a significant (up to 26%) reduction in the reference prices compared with the initial reference prices and the cancellation of the auction for large PV projects by the Regulatory Energy Authority due to insufficient competition.
By a majority two-to-one vote, the Athens Court of Appeal has found that an insurer's refusal to provide health insurance to a homosexual and histrionic man did not amount to illegal discrimination based on sexual orientation or infringe the plaintiff's personality rights. The dissenting opinion, which provided a detailed analysis of the non-discrimination principle, makes a statement about the universal principal of equality between individuals which, despite its age, appears to be more acute than ever.
The Athens First Instance Court recently heard a case involving a law firm which sought to be indemnified from its professional indemnity underwriter. The policy covered a lawyer's professional liability while providing services within Greece and under Greek law. The insured claimed that he was entitled to indemnity not because the policy provided such cover, but rather because, among other things, he had requested such cover and the insurer had failed to include it in the policy.
The Hellenic Association of Insurance Companies recently hosted the 18th Hydra Insurance and Reinsurance Meeting. At the meeting, insurers and reinsurers from 24 countries around the world discussed specific concerns and issues that directly affect the industry, including how technological advancements have affected motor and health insurance and may do so in the future and how the vast majority of the population is unprotected against financial losses from catastrophic risks.
The Supreme Court for civil matters, sitting in plenary session, has issued a judgment on the validity of 'claims-made' policy clauses. Ending a long period of judicial uncertainty, the Supreme Court ruled that, insofar as insurance contracts covering professional risks are concerned, the claims-made principle is fully valid and enforceable. The insurance market has thus breathed a sigh of relief.