SLOVAKIA Law and Practice Contributed by: Lukáš Michálik, Peter Makýš and Šimon Hora, Ments s.r.o.
7.6 Labour Law Regulations Under the Labour Code, the employer is obliged to consult and inform employees about any sig- nificant organisational changes and other impor- tant information that concerning it. The new Act on the Transformation of Business Companies and Cooperatives also provides for an obligation to involve employees in the pro- cess of cross-border company transformations. Moreover, under Slovak law, if the company has more than 50 employees, its employees must be represented on the supervisory board and are entitled to one-third of its seats. Depending on how internal employee relations have been set up within the workplace on the basis of a collective agreement, employees may have additional rights and the employer may have additional obligations towards them beyond the scope of applicable legislation. There may also be certain obligations on the part of the employer based on collective bar- gaining agreements with employee representa- tives. Typically, in larger companies, agreements are made between employee representatives and the employer that employees will directly participate in certain decisions, and there is an obligation to maintain employment levels for a certain period or periodic salary increases of a certain amount. Some of these commitments take the form of non-binding advisory opinions (eg, consulta- tions with employees according to the first para- graph). Others are binding (eg, relations agreed in a collective agreement). 7.7 Currency Control/Central Bank Approval Approval by the National Bank of Slovakia may be required in the case of transactions concern-
assessed by the bank. In such cases, the regu- lator also examines the source of funds used in the transaction. 7.4 National Security Review/Export Control Apart from the screening of investments under FDI rules, there is no regime in Slovakia under which investments would be screened from a national security perspective. A specific exception might be the screening of investments that would, for example, relate to the acquisition of a shareholding in a technology company that supplies sensitive IT systems to the state. In this case, the acquirer in question would have to be cleared by the National Secu- rity Agency and to have security clearance. 7.5 Antitrust Regulations Under the Slovak Act on Protection of Compe- tition, an obligation to notify the Antimonopoly Office of the Slovak Republic arises if: • for any type of transaction, the combined aggregate turnover of the undertakings amounts to at least EUR46 million in Slovakia and the aggregate turnover of each of at least two undertakings amount to at least EUR14 million in Slovakia; • for a merger, the aggregate turnover of at least one of the undertakings concerned amounts to at least EUR14 million in Slova- kia, and the worldwide aggregate turnover of another undertaking concerned amounts to at least EUR46 million; or • for an acquisition of control, the aggregate turnover of the undertaking over which control is to be acquired amounts to at least EUR14 million in Slovakia, and the worldwide aggregate turnover of another undertaking concerned amounts to at least EUR46 million.
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