Kinstellar to continue the operation of Noerr’s CEE practice
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Kristóf Ferenczi is appointed Firm Managing Partner of Kinstellar

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Insights June 2024

The new EU AML framework and its far-reaching implications  

The Council of the European Union has recently adopted a new set of Anti-Money Laundering (AML) rules, nearly three years after the European Commission unveiled its package of legislative proposals. The legislative package introduces significant changes to the EU’s AML and Countering the Financing of Terrorism (CFT) landscape, including: A more detailed and synchronised approach as to implementing parts of the AML/CFT regulations such as in respect of client due diligence, internal policies and identification of beneficial owners; A requirement for each obliged entity to have a compliance manager (member of the management body/senior management); Extending the list of obliged entities to include (amongst

News June 2024

Kinstellar ups its game in Turkey. Mert Elçin appointed as Partner. Rebrand of local Turkish law business.

Mert Elçin appointed as Partner. Rebrand of local Turkish law business. June 2024 – Kinstellar has fundamentally strengthened its team in Turkey. Kinstellar is very pleased to announce the appointment of Mert Elçin as Partner and leader of our reinvigorated Turkish law practice.  For compliance with local bar requirements, Turkish law services will be provided by KST Law in cooperation with our foreign attorney partnership in Turkey, Kinstellar Foreign Attorney Partnership, headed by Edmund Emre Özer. Mert and Emre are supported by a dedicated team of lawyers, which we are growing continuously. Mert Elçin, a renowned Turkish-qualified lawyer, brings over a decade of experience in corporate, M&A

Insights June 2024

Czech Republic opens up labour market to nine countries

The Government of the Czech Republic has introduced new regulations opening up the country’s labour market to citizens of nine countries. The measures, effective from 1 July 2024, are intended as a step towards a more open and flexible labour market in the Czech Republic. Specifically, citizens of Australia, Japan, Canada, South Korea, New Zealand, Singapore, the UK, US and Israel will no longer require a work permit, employee card, intra-company transfer card or blue card to work in the Czech Republic as of 1 July 2024. The changes abolish an existing requirement for job-seekers to supply details of employment contracts, evidence of professional qualifications or education, a transfer letter and documents evidencing the

Insights June 2024

Navigating the Regulatory Landscape: An Overview of Banking as a Service

In an era defined by digital transformation and the ever-evolving landscape of financial services, the concept of banking as a service (“BaaS”) has emerged as a key force reshaping the industry. By enabling non-bank entities to offer financial services through partnerships with licensed banks or financial institutions, BaaS has opened up a new realm of possibilities, facilitating innovation, enhancing customer experience and promoting financial inclusion. However, realising these opportunities is closely linked to navigating the complex regulatory framework that governs BaaS operations. BaaS can take various forms, allowing non-licensed entities to provide financial products such as banking, payment, e-money

Insights June 2024

Update on the ESG reporting obligations in Bulgaria, Croatia, the Czech Republic, Hungary, Romania and Slovakia

CSRD implementation uneven a month before deadline June 2024 – With less than a month to go before the 6 July 2024 deadline for transposing the EU Corporate Sustainability Reporting Directive (EU) 2022/2464 (the "CSRD", the “Directive”), countries in Central and Eastern Europe (“CEE”) are still at different stages of implementation. While Romania and Slovakia have completed their legislative processes, Bulgaria and Croatia are still in the legislative pipeline. The Czech Republic and Hungary have completed, at least partially, their transposition, with additional legislation still to be implemented, albeit within uncertain timeframes. For a more comprehensive overview of each stage of the progress on CSRD transposition

Insights June 2024

First in-depth M&A investigation under the EU Foreign Subsidies Regulation: What it means for future M&A deals

The EU Foreign Subsidies Regulation (“FSR”) started to apply on 12 July 2023 as another instrument in the EU regulatory toolkit aimed at preventing distortions of competition on the EU internal market. In the spotlight of the framework are foreign subsidies granted to companies carrying out economic activities within the EU in the context of (i) M&A transactions, (ii) public procurement and (iii) other market activities. Foreign subsidies are all financial contributions provided, directly or indirectly, by non-EU countries, including any transfer of financial resources from non-EU countries such as grants, capital injections, loans, tax incentives, credits and funds. In the context of M&A, the FSR imposes

Insights June 2024

Lifting financial assistance prohibition in Slovakia by allowing whitewash procedure

Effective 1 March 2024, financial assistance, i.e., the so-called whitewash procedure, is allowed for joint-stock companies, subject to certain conditions. Previously, such financial assistance was completely prohibited for joint-stock companies. No other types of companies in Slovakia were subject to this limitation. 1. What is the whitewash procedure? Financial assistance is defined as granting advance payments, loans or credits by a target company for the purpose of acquiring its shares and granting security by such company for this purpose. The financial assistance rules apply also for establishment of pledge over the company’s own shares as well as for acquiring, subscribing or establishing a pledge

News June 2024

Kinstellar sponsors a private dinner in Berlin between Oleksandr Kamyshin, Minister of Strategic Industries of Ukraine, and leading international defence companies

Kinstellar was pleased to have been invited by hosts US-Ukraine Business Council (USUBC) to sponsor an off-the-record dinner with Oleksandr Kamyshin, Minister of Strategic Industries of Ukraine, and C-suite executives from leading global defence companies, at the sides of the Ukraine Recovery Conference (URC) in Berlin. Kinstellar Partner, Daniel Bilak, moderated a wide-ranging and lively discussion between Minister Kamyshin and the defence industry participants that also involved Deputy Ministers Hanna Hvozdiar and Serhiy Boyev. Oleksandr Kamyshin noted, “We are grateful to our international partners for your vital support of Ukraine and the on-going development of Ukraine’s defence industrial base. My ministry

Deals June 2024

Kinstellar advises Canadian Nuclear Partners on the framework agreement with Nuclearelectrica for the refurbishment of Unit 1 at the Cernavoda nuclear power plant

Kinstellar has advised Canadian Nuclear Partners (a subsidiary of Ontario Power Generation, one of the world’s largest power generators, and a corporation wholly owned by the Government of Ontario) on the framework agreement for the refurbishment of Unit 1 at the Cernavoda nuclear power plant, operated by the state-owned nuclear energy producer, Nuclearelectrica. The framework agreement has an approximate value of EUR 240 million and represents a critical milestone in completing the refurbishment of Unit 1. Canadian Nuclear Partners will support Nuclearelectrica with the delivery of project management services, technical assistance, consultancy services and professional training specific for the refurbishment of

About us

Kinstellar acts as trusted legal counsel to leading investors across Emerging Europe and Central Asia. Our reputation for quality, excellence and integrity speaks for itself.

With offices in eleven jurisdictions and over 300 local and international lawyers, we deliver consistent, joined-up legal advice and assistance across diverse regional markets – together with the know-how and experience to champion your interests while minimising exposure to risk.

Our clients include leading international and regional corporations, banks and other financial institutions, state bodies, multi-lateral institutions, and international law firms with clients that require top-quality legal counsel in our jurisdictions. We handle the most important and complex assignments for clients across diverse industries and business sectors.

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With expert local knowledge and a track record at the international level, our lawyers provide top-tier advice and client service in Emerging Europe and Central Asia.

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Newsfeed

🌟 Congratulations to Natalia Kirichenko, Partner and co-head of the firm-wide Intellectual Property (#IP) & Technology service line, for being recognised as a Notable #Practitioner in #Ukraine by IP STARS (Managing IP)! 🎉 💼 The prestigious IP STARS research offers independent and impartial accreditation across 151 jurisdictions, covering 1,645 firms and 7,100 practitioners. 📈 In the past 12 months alone, over 500,000 IP professionals have utilized the platform to research, verify, and recruit new IP practitioners and firms globally. ✨Natalia's recognition is a testament to her exceptional expertise and dedication in the field of Intellectual Property. We are proud of her and her team! #exceptionaltogether #IPSTARS #IntellectualProperty #Recognition #LegalExcellence #LegalAward #IPExpert

📑 With the new anti-money laundering (#AML) rules just published in the #EU Official Journal, Senior Associate Nikolay Gergov and Trainee Lawyer Maya Demirova in #Sofia take a look at the implications of the package. 👉 It extends the scope of AML obligations to new sectors such as #luxury goods, precious #metals, #realestate and #football, and strengthens the oversight of #crypto-asset service providers. 🛡️ Enhanced transparency through new disclosure requirements and a new centralised AML authority add another layer of scrutiny. 🔗 https://lnkd.in/dhTvS9jE #intheknow #moneylaundering #newregulation #legalupdate #criminal #EU 

🚀🌍 Great news! From 1 July 2024, the Czech Republic is opening its labour market to citizens of Australia, Japan, Canada, South Korea, New Zealand, Singapore, the UK, US, and Israel. No more work permits or lengthy paperwork required! 📝 Full details available here → https://lnkd.in/esG6x8Qd Check the full overview written by Iva Bilinska, Managing Associate #CzechRepublic #LabourMarket #GlobalOpportunities #HR #EmploymentNews 🌟

📢 Join us on Thursday, 27 June, at 9:00 CET  🗓, for a webinar focusing on the evolving landscape of data privacy and online advertising. This event will delve not only into the "consent or pay" business model, but also the wider considerations of conducting online advertisement in a privacy compliant way, in particular in view of recent regulatory developments. 🎤 A panel discussion featuring leading lawyers and industry professionals will cover: ✔️ Regulation of online advertising in view of recent developments ✔️Exploring the "Consent or Pay" business model and discussion on consent as one of the possible legal bases ✔️Impact on business and the future of online advertising The discussion will be moderated by Petr Bratský, Managing Associate, Kinstellar Prague. 🌟 Our expert speakers: Vladan Rámiš, Head of Legal Department, MAFRA / Chairman of the Committee, Association for Personal Data Protection in the Czech Republic Radek Hanák, Data Privacy Counsel, Seznam.cz Jiri Balek, Global Data Privacy Counsel, Publicis Groupe Lukas A. Mrazik, Managing Associate, Kinstellar Bratislava To register for the webinar held in Czech and Slovak, contact us at trk=public_post_embed-text . Looking forward to meeting you!

SK 📢 #Slovakia is lifting financial assistance prohibition by allowing the so-called #whitewash procedure. 📅 Effective 1 March 2024, this type of financial assistance is allowed for joint-stock companies, subject to certain conditions. Previously, such #financial assistance was completely prohibited for joint-stock companies. No other types of companies in Slovakia were subject to this limitation. 📰 Our team has outlined the key information in the summary below, covering 👇 🔸 the definition of the whitewash 🔸 the conditions that must be met for provision of financial assistance 🔸 the practical challenges 🔸 the steps required to satisfy the procedure 🔸 the exceptions to the financial assistance. 👉📥 For more information on the topic or the Slovak version of the summary, please contact the authors at our #bratislava office: Dominika Bajzáthová, Counsel, Michaela Straková, Associate, and Laura Bugajová, Junior Associate.   #intheknow #finance #kinstellar #legalupdate

🏦 💡 In an era defined by #digital transformation and the ever-evolving landscape of #financial services, the concept of banking as a service (#BaaS) has emerged as a key force reshaping the industry. 👉 By enabling non-bank entities to offer financial services through partnerships with licensed #banks or financial institutions, BaaS has opened up a new realm of possibilities, facilitating #innovation, enhancing customer experience and promoting financial inclusion. 🔎 However, realising these opportunities is closely linked to navigating the complex regulatory framework that governs BaaS operations. 📰 Read below a guide to the BaaS regulations in Kinstellar’s jurisdictions, offering #insights into compliance essentials, emerging trends, and how to thrive in this dynamic environment. 📩 For more information, please contact Illya Muchnyk, Partner and firm-wide Head of #Fintech. 🔗 https://lnkd.in/dzEevNB8 #intheknow #financialservices #BankingAsAService #FinTech #InnovationInBanking #FinancialInclusion #CustomerExperience #RegTech #DigitalBanking #BankingInnovation #FinanceTransformation #BaaS #OpenBanking #FinancialServices #TechInFinance #FutureOfBanking #DigitalFinance #FinTechRevolution

🍃 📅 With less than a month to go before the transposition deadline, the implementation of the #EU Corporate #Sustainability Reporting Directive (CSRD) remains uneven across the CEE countries we are tracking. 📃 The #Czech Republic, #Hungary and #Romania have all adopted legislative acts that at least partially transpose the CSRD into national law. Progress has been slower in #Slovakia, #Bulgaria and #Croatia. 🔎 While to some extent the national laws of the #CEE countries that have implemented the #CSRD so far do not differ significantly from the Directive, the variations should be carefully monitored and analysed. #Romania differs in the definition of the undertakings that need to comply at the different reporting stages; companies in Hungary are eagerly awaiting the detailed rules that will make ESG reporting possible; and the Czech Republic is expecting the second phase of transposition, which will cover undertakings that will start reporting in 2026. 💡 For more information, 📩 please contact Jan Lehký, Co-Head of the #ESG service line. #intheknow #ESG #sustainability #CorporateSustainability #disclosure #SustainabilityReporting

📢 The EU Foreign Subsidies Regulation (FSR) came into force almost a year ago, and we are now witnessing the first EU #investigation of an M&A transaction under the new regime. Earlier this month, the European Commission opened an in-depth FSR investigation into the acquisition of a European telecommunications operator by a third country buyer. It is expected to reach a decision within 90 days. While we wait for the Commission’s first decision of its kind, here are a few takeaways for future dealmakers: ✔️ Parties to a transaction should keep the FSR regime in mind and start an FSR assessment and, if necessary, preparation of the FSR filing at the early stages of deal planning in order to save time. ✔️ The FSR should be considered during the process of drafting of the transaction documents. ✔️ The FSR notification should be clearly indicated in the deal timeline. Read our summary 👇🏻 of the FSR investigation and its implications for deal making, prepared by our experts in Kinstellar Sofia: Diana Dimova (Partner, M&A), Debora Dineva (Associate, Competition), and Simona Damyanova (Junior Associate, M&A) #intheknow #exceptionaltogether 🔗 https://lnkd.in/e3gvSh9f

Kinstellar was pleased to have been invited by hosts US-Ukraine Business Council (USUBC) to sponsor a private dinner with Oleksandr Kamyshin, Minister of Strategic Industries of Ukraine, and C-suite executives from leading global defence companies, at the sides of the Ukraine Recovery Conference (URC) in Berlin on 12 June.