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“Buy Now, Pay Later” solutions on the rise – regulatory aspects in Bulgaria
The rapid growth of online shopping as a result of the COVID-19 pandemic has led to an increased demand for different payment options for consumers at the checkout. One such option that is increasingly popular with consumers is the “buy now, pay later” (“BNPL”) solution. The hot trend in consumer credit BNPL allows consumers to defer the payment of the product and repay the purchase price in several instalments over a certain period of time, usually at no interest. BNPL is also a palatable option for merchants, as it gives them another avenue to generate sales by providing consumers an accessible opportunity to acquire products on credit. Such manageable payment options are also likely to strengthen consumer
Bulgaria: Director duties and ESG considerations
Bulgarian law requires that the directors of Bulgarian joint-stock companies perform their functions as directors by adhering to the “duty of care” standard of a prudent businessperson and always in the interest of the company and its shareholders. If a director fails to comply, they could be held liable for any damages caused to the company. The required duty of care standard is not easily reconciled with the current shift in corporate governance towards compliance with material ESG factors. While important for all stakeholders (e.g., employees, customers, vendors, and the communities where the company operates), ESG compliance could trigger additional financial costs and potentially be an obstacle to maximising profits.
Kinstellar promotes Mert Elçin to Counsel in Istanbul
Kinstellar is delighted to announce the promotion of Mert Elçin to Counsel in our Istanbul office. Mert has more than 10 years of experience in corporate, M&A and banking and finance transactions as well as regulatory matters and has represented clients from a wide range of sectors, in particular banks, brokers, insurers, asset managers, investment funds and other market participants from the financial services industry, venture capital firms, founders, angel and private equity investors, and companies focusing on life sciences and healthcare, technology, media and telecommunications, retail and manufacturing. He is also experienced handling international arbitration. Mert joined Kinstellar in 2019 as
Kinstellar provides pro bono legal services to Soborna Ukraine
We are excited to announce that Kinstellar has started to provide pro bono legal services to Soborna Ukraine, a public charity established by Ukrainian entrepreneurs after the Russian invasion of Ukraine. Sharing the mission and values of Soborna Ukraine, Kinstellar is advising the organisation on key aspects of implementing their programmes in Ukraine as they manage critical projects close to the front line. This is just the beginning of our long-term partnership to join efforts and help Ukraine. Our pro bono team in Ukraine is managed by Partners Illya Sverdlov and Alla Kozachenko and includes Anna Vizniak, Senior Associate, and Tetiana Kostiuk, Junior Associate. Soborna Ukraine — a US non-profit organisation
Kinstellar hosts webinar on current developments in the CEE life sciences & healthcare sector
On 14 June 2022, Kinstellar hosted a webinar centred on current developments in the life sciences & healthcare sector across Central and Eastern Europe. We covered some of the most relevant and pressing topics currently impacting the life sciences & healthcare landscape, including (i) sector inquiries by local competition authorities in the area of life sciences; (ii) price reduction announcements and their relevance for the CEE pharma sector; and (iii) legal challenges on the use of artificial intelligence across the life sciences industry. Presentations were made by Tomáš Čihula, Eszter Takácsi-Nagy, Péter Vörös and Petr Bratský. Below we provide a brief summary: Sector inquiries
Helping Hands for Ukraine: Our recent pro bono activities
At Kinstellar, ‘corporate responsibility’ is not an empty slogan. Helping those in need and playing important roles in our communities have always been a crucial part of our firm culture. Since the outbreak of the war in Ukraine, we have never felt stronger and more united inside the firm. Extraordinary times in Ukraine have been met with an exceptional response from our people, who continue doing their best to provide humanitarian aid, support various charities and NGOs, and provide pro bono legal assistance to those affected by the war. Here we are sharing a brief report of our recent pro bono activities, to be followed by a series of short videos with our people working to support Ukraine. We thank all of our amazing
Merger and concerted action controls in Ukraine: Usual norms are resumed
Starting from 20 June 2022, the Antimonopoly Committee of Ukraine (AMC) will resume merger and concerted action controls in Ukraine as usual, which means that standard merger and concerted action control rules and timelines will apply during the martial law in Ukraine and afterwards. Until then, the AMC᾿s earlier Guidelines on the filing and consideration of applications for merger clearances and concerted actions during martial law (Guidelines) shall apply to all merger and concerted action applications submitted to the authority during 30 March 2022 – 17 June 2022 (inclusive). The AMC also renews consideration of all earlier postponed applications. All those applied to the AMC under special regime provided by the Guidelines
The potential inclusion of the Russian Federation in the 'FATF Blacklist' – PART II
The global community is considering various legal and other reactions to the unprovoked, unjustified, and aggressive war launched by the Russian Federation and its satellites against Ukraine. Among potential steps on the table are the inclusion of the Russian Federation to the Black List being administrated by the Financial Action Task Force (the FATF) and recognition of the Russian Federation as a state sponsoring terrorism by the Government of the United States of America. One of them or a combination of these actions could become a firm and far-reaching countermeasure targeting financial stability of the Russian Federation, its satellites, and their war machine. In the second article, our experts Oleksandr Kurdydyk, Partner
The potential inclusion of the Russian Federation in the 'FATF Blacklist' – PART I
The global community is considering various legal and other reactions to the unprovoked, unjustified, and aggressive war launched by the Russian Federation and its satellites against Ukraine. Among potential steps on the table are the inclusion of the Russian Federation to the Black List being administrated by the Financial Action Task Force (the FATF) and recognition of the Russian Federation as a state sponsoring terrorism by the Government of the United States of America. One of them or a combination of these actions could become a firm and far-reaching countermeasure targeting financial stability of the Russian Federation, its satellites, and their war machine. Our experts Oleksandr Kurdydyk, Partner, Head of Banking
The perfect storm in business through the prism of global risks
"The Perfect Storm in Business through the Prism of Global Risks" was the topic of a panel discussion held on 19 May 2022 at the Metropol Hotel in Belgrade, jointly organized by the Business Intelligence Institute, TPA Srbija, Joint Law Office Marić in cooperation with Kinstellar and Samer & Co. Shipping. The oxymoron "Perfect Storm" means any event in which the situation is drastically complicated by an extremely rare set of circumstances. Rising raw material prices, the consequences of the pandemic, green transformation and global conflicts are topics that are on the agenda of all companies. The complexity of the current situation is reflected in its implications, including investments, companies, geopolitics, local
Czech Cyber Security Agency Issues Warning on Use of Smart Meters from Non-EU/NATO Countries
On Monday, May 30, the Czech National Cyber and Information Security Agency (NÚKIB) issued a fresh warning on potential cybersecurity threats stemming from the use of energy-related technical or software smart metering tools (i.e. smart meters) that do not come from countries deemed to have “trustworthy” legal environments (report available in English here). Assessing the most recent risk to be “High” the NÚKIB’s warning called on so-called obligated entities to “immediately start preparatory work to deploy technology enabling the required level of direct metering,” – meaning types B, C1, C2 or C3, as per the Czech government’s Decree No. 359/2020, on electricity metering. The NÚKIB utilised an existing
Ukraine introduces a new type of sanction
Since the outbreak of the war in Ukraine, there has been a plethora of new legislation establishing mechanisms for an adequate political and legal response to Russian aggression against Ukraine. Another such mechanism was introduced on 13 May 2022, when the Parliament of Ukraine adopted a new law amending the existing sanctions legislation. The law enacts a new type of sanction amounting to the foreclosure of assets in the state's favour. This new sanction is now applicable to both companies and individuals that cause significant damage to the national security of Ukraine. The law came into force on 24 May 2022. Below we provide important highlights and the main points to consider regarding the new type of sanction