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EU Insolvency Law redrawn: What directive 2026/799 changes and why it matters
Until last week, an investor assessing a distressed exposure in another EU member state had to navigate up to 27 different insolvency regimes, each with its own rules on look-back periods, directors' obligations, asset recovery, and creditor rights. Recovery timelines ranged from seven months to seven years. Directive (EU) 2026/799 of the European Parliament and of the Council harmonising certain aspects of insolvency law, published in the Official Journal on 1 April 2026 and in force as of 21 April 2026, represents the first substantive legislative response to that fragmentation. Scope and architecture The Directive is a minimum-harmonisation instrument. The definition of insolvency, the thresholds for opening
No national taxation of free CO₂ emission allowances (ECJ Case C‑519/24)
April 2026 – In its ruling issued today, the European Court of Justice (ECJ) clarified that Member States may not impose national taxes on CO2 emission allowances allocated free of charge under the EU Emissions Trading System (EU ETS). The case originated in Hungary, where the authorities, invoking a state of emergency due to the war in Ukraine, introduced a tax on free CO2 emission allowances granted to major emitters. The ECJ stated in its ruling the following: The free allocation of CO2 emission allowances is fully harmonised at EU level on a sectoral basis. National fiscal measures are permissible only if they do not undermine the objectives of the EU ETS. Directive 2003/87/EC aims to maintain economic
Uzbekistan prepares the legislative foundation for the Tashkent International Financial Centre
In a landmark legal development for Uzbekistan, the Ministry of Investments, Industry and Trade has published for consultation the draft Constitutional Law on the Tashkent International Financial Centre ("TIFC") (the "Draft Law") - the country's first attempt to establish a fully-fledged international financial centre with its own legal regime. If enacted, it would move decisively beyond Uzbekistan's traditional free economic zone model - which is principally focused on preferential customs, currency, tax and related investment conditions - by proposing a financial centre with: a special legal regime for finance, banking, capital markets and investment; a separate applicable-law hierarchy, with supplementary
Kinstellar advises MOL on its restructuring into a holding entity
We are proud to have advised Hungarian oil and gas company MOL Plc. on its transformation into a holding entity—the largest corporate restructuring to date in Hungary. The transaction was exceptional in both scale and complexity, making it a rare event in the Hungarian market. Kinstellar’s Budapest office is privileged to have assisted MOL in this significant transformation. As part of the demerger, MOL transferred its upstream, downstream, and retail businesses into three newly established operating companies, each wholly owned by MOL Plc. The holding structure enables the full legal separation of business activities‚—streamlining operational complexity and supporting more autonomous decision-making of the businesses—while
Czech Republic opens the door to Level 3 Autonomous Driving
The Czech Republic has entered a new phase of mobility, aligning itself with other EU Member States, most notably Germany and France. As of 1 January 2026, Czech law permits the operation of SAE Level 3 vehicles, introducing a relatively minimal, framework-based regulation while maintaining the requirement that a human driver must remain present and ready to take control at any time. Although this may resemble full autonomy at first glance, the legal reality remains more conservative. SAE Level 3 represents conditional automation. The vehicle can perform the dynamic driving task independently, typically in limited environments such as motorways, but the driver must remain in the vehicle and be capable of resuming control
Uzbekistan introduces a legislative framework for Islamic banking
On 27 March 2026, the President of Uzbekistan signed Law No. LRU-1126 (the “Islamic Banking Law” or “IBL”), marking a historic milestone in the development of Uzbekistan’s financial sector. The Islamic Banking Law introduces a dual banking system designed to expand the scope of available financial services and introduce innovative banking products aligned with international Islamic finance standards. This framework enables Sharia-compliant financial services to operate concurrently and on equal footing alongside conventional banking. The Islamic Banking Law introduces comprehensive amendments to the Civil Code, Tax Code, Law on the Central Bank, and Law on Banks and Banking Activities. Its primary objective
Kinstellar advises TotalEnergies on its landmark agreement with Masdar to establish a USD 2.2 billion pan-Asian renewable energy joint venture
Kinstellar has recently advised TotalEnergies on its landmark agreement with Masdar to establish a USD 2.2 billion pan-Asian renewable energy joint venture. The new joint venture will combine TotalEnergies’ and Masdar’s onshore renewable energy businesses across nine Asian markets, including Kazakhstan and Uzbekistan. The joint venture will comprise a portfolio of approximately 3GW of operational renewable energy assets and a further 6GW under development and is expected to be fully operational by 2030. The transaction represents one of the most significant recent renewable energy investments in Asia and further underlines the growing importance of Central Asia and the wider region in the global energy transition.
Czech Competition law undergoes its most significant reform in decades
The Czech Competition Authority (CCA) has prepared a landmark draft amendment to the Czech Competition Act. This is arguably the most ambitious overhaul of Czech competition law in over two decades, and the three pillars below are ones that every M&A practitioner, in-house counsel, and manager should have on their radar. Call-in powers The CCA would gain the power to review below-threshold transactions that may harm competition - targeting killer acquisitions particularly in digital and pharma markets. Voluntary filing will be allowed. This brings the Czech framework in line with a growing number of EU Member States already using call-in tools, including Sweden, Hungary, Italy, Denmark, and Ireland. Higher
Unfair trading practices in Serbia: Competition Authority to enforce a new regulatory framework for buyer–supplier relations
Relatively recent enforcement activity of the Serbian Commission for Protection of Competition (the “Commission”) has brought renewed attention to buyer and supply relations in shaping market outcomes. With the aim of strengthening the principle of contractual equality and further aligning Serbian legislation with the EU acquis - in particular Directive (EU) 2019/633 on unfair trading practices in the agricultural and food supply chain (the “EU Directive on Unfair Trading Practices”), Serbian Government adopted the Draft Law on (Unfair) Trading Practices (the “UTPL”) before the Serbian Chamber of Commerce. The draft will subsequently proceed to the National Assembly of the Republic of Serbia for adoption.
The European Cybersecurity Reform
We are pleased to share our latest overview and critical analysis of the European cybersecurity reform, Cybersecurity Act 2.0 (CSA2). This overview examines one of the most significant proposed shifts in the EU’s digital regulatory framework since the adoption of the original Cybersecurity Act. It outlines the key elements of the European Commission’s proposal, including the expansion of ENISA’s mandate, the centralisation of certain cybersecurity competences at EU level, and a harmonised framework addressing “non-technical risks” linked to third-country suppliers. The analysis also highlights the potential impact of CSA2 on Member States’ sovereignty, public procurement, certification schemes, and the
Regional report: Energy and natural resources trends in the CEE, Central and Southeast Asia for the year 2026
We are excited to release the second edition of the Report | Energy and Natural Resources Trends in the CEE, Central and Southeast Asia for the year 2026. This report provides an overview of the latest and upcoming developments in the energy and natural resources sector, with a particular focus on opportunities and advances in renewable energy, battery energy storage systems, hydrogen, nuclear energy, and oil and gas. It is tailored to the specific energy landscape of Austria, Bulgaria, Croatia, the Czech Republic, Hungary, Kazakhstan, Romania, Serbia, Slovakia, Turkey, Ukraine, Uzbekistan, Cambodia, and Vietnam. Through this report, we aim to provide both new and existing investors in our markets with an overview
Kinstellar advises J.P. Morgan on Baiterek Holding’s debut KZT 250 billion Eurobond issuance
Kinstellar has advised J.P. Morgan on the debut issuance of KZT-denominated senior unsecured Eurobonds by Baiterek Holding, Kazakhstan’s leading state-owned development institution, raising a total of KZT 250 billion (approximately USD 530 million). The issuance represents the second-largest KZT-denominated Eurobond transaction on record and was fully placed with international institutional investors, reflecting strong global demand for Kazakhstan credit despite continued volatility in international financial markets. The transaction marks an important milestone in Baiterek Holding’s access to international capital markets and supports the ongoing diversification of its funding base. The proceeds will be allocated