January 2023 – Kinstellar is delighted to announce that it has successfully advised BRD-Groupe Société Générale SA on a EUR 24.3 million financing for the development of two green residential buildings by the Belgian property developer Speedwell in western Romania (Timișoara). The financing has been structured by BRD in accordance with the LMA Green Loans Principles and the provisions of the Substantial Contribution Criteria of the EU Taxonomy for mitigating climate-change risks applicable to this type of development. BRD is confident that these two “green” buildings located in a premium location in Timișoara will set new quality standards for addressing climate-change challenges, proving once again that the ESG standard
An amendment to the Czech Labour Code is expected imminently. This Monday, following the closing of an input window as part of an interdepartmental feedback procedure, the Ministry of Labour and Social Affairs published an updated draft amendment to the Labour Code. In response to feedback received on the initial draft, the proposed amendment softens some controversial provisions. In particular, the changes concern working from home (telework), such as limiting the scope of employees with a guaranteed right to this kind of work. Furthermore, provisions on mandatory compensation for home office should now offer more flexible rules for employers. At present, the ministry anticipates that – excepting certain provisions
A new law on social dialogue has recently been adopted in Romania, Law No 367/2022 on social dialogue 1 ("Law No. 367/2022"), repealing the previous regulation, Law No. 62/2011. The new law on social dialogue is a true game changer and brings four significant reforms, respectively: the obligation to perform collective bargaining at both the unit (if it has at least 10 employees) and at the bargaining sector level; the possibility to perform collective bargaining at the national level; new obligations for employers to inform and consult employees' representatives/trade union representatives; extension of the range of cases triggering collective labour disputes. We expect
The rapid development of technologies and solutions in the healthcare sector is contributing to the proliferation of decentralised clinical trials (“DCTs”). The aim of DCTs is for clinical trials to be conducted more effectively and conveniently – for patients, sponsors and investigators – through the use of digital technologies. In addition, with hospital visits temporarily limited and staff capacities overwhelmed, the challenges associated with the Covid-19 pandemic have significantly underscored the necessity of performing certain elements of clinical trials remotely. Download in English:
Last week, the European Parliament (“EP”) adopted a resolution on online video games (the “Resolution”) . In essence, the Resolution calls for strong enforcement of consumer protection rules in the video game industry, requires stricter regulation of loot boxes and emphasizes the enormous potential of the gaming sector. Download in English: In case of any questions with respect to the above, our specialists are standing by to offer guidance and counsel.
On 23 December 2022 the Hungarian Government adopted a New FDI Government Decree. The main changes as well as other several technical clarifications and modifications are set out in our overview below written by Péter Vörös (Partner) and László Palócz (Senior Associate). Click on the image below to read the whole newsletter.
Following its acquisition of Ultra Saling in August 2022, Kinstellar's team in Croatia has assisted Angelina Yachtcharter Holding GmbH on another acquisition of 85% of the shares of Jadranka Yachting, a charter company located in Mali Lošinj, Croatia. Founded in 1995, Angelina Yachtcharter is the leading nautical charter management company in Croatia, currently operating a fleet of more than 280 vessels berthed at ten marinas along the Adriatic coast. With the purchase of Jadranka Yachting, Angelina Yachtcharter adds additional high-quality assets and operations to its existing portfolio and continues to build its presence on the Croatian market as the leading nautical charter operator. The Kinstellar team
This year’s first issue of our newsletter, put together by our Bucharest Employment and Labour law team, provides an overview of the new updates on employee salary rights, namely: the new level of the minimum gross basic salary in Romania; various fiscal facilities for employers and employees; the regulation of tips in the hotel and restaurant (“HORECA”) sector; the reflection of salary rights in the new framework model of the individual employment agreement; the EU Directive on adequate minimum wages in the European Union; the Court of Justice of the European Union (“CJEU”) ruling on the rights of workers to receive or to be reimbursed the value of eyeglasses for
On 18 January, Kinstellar’s Prague office held an online conference entitled "Changes to Legislation in the Czech Republic in 2023" for our clients’ senior management as well as for our partners and regional organisations. We hosted the online conference with aim to help our clients and partners become familiar with the latest laws, decrees, regulations, and directives that receive practically every day. Our experts covered in detail the changes to Czech and European law that take effect in 2023, with an emphasis on how these changes will affect businesses' day-to-day operations. We also focused on the most notable cases of recent judgments by the Czech Constitutional Court, which affect judicial practice at
Act No. 497/2022 Coll. on Screening of Foreign Direct Investments (the “FDI Act”), published on 23 December 2022, will have a significant impact on foreign investments in Slovakia, at least in terms of the time needed to complete transactions. The FDI Act takes effect on 1 March 2023. The new rules do not apply to investments completed prior to such date. Our specialists have put together a summary of the key measures the FDI Screening Act introduces: Download in English: In case of any questions with respect to the above, our specialists are ready to offer guidance and counsel.
Margarita Karpenko, Co-Managing Partner of Kinstellar’s office in Kyiv, has been re-elected as a member of the Executive Committee of U.S.-Ukraine Business Council (USUBC) for 2023. With over 30 years of experience in the Ukrainian business environment, Margarita has held executive roles for over 20 years. She is a knowledgeable advisor on different legal aspects of the business landscape in Ukraine and has been ranked as a top-tier lawyer in the country by legal directories such as Chambers & Partners, Legal 500 EMEA, Ukrainian Law Firms. A Handbook for Foreign Clients, Best Lawyers. Established in 1995, USUBC is a business association that advances U.S. companies’ trade and investment interests in Ukraine.
Kinstellar is delighted to announce that Simon Beswick, former CEO of the international law firm Osborne Clarke, has joined Kinstellar’s top governance body (Board of Directors) as a non-executive member. Simon is a longstanding and very highly respected senior member of the UK and international legal community and brings over 35 years of global legal and law firm leadership experience. He ran and was the managing partner of the UK business of Osborne Clarke from 2003 to 2014, consolidating the firm's position in the UK, redesigning its governance model, shifting it to a sector-led strategy and evolving the brand. He became CEO of Osborne Clarke in 2012, leading the firm's growth across Europe, Asia and the US. Simon’s