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The Law on Payment Services: Overview of rules for Ukrainian payment services market
The Law of Ukraine "On Payment Services" creating a new legal landscape for the provision of payment services in Ukraine, came into force on 1 August 2022. At the same time, certain provisions of the law, which mostly relate to open banking, will become effective in 2025. Click on one of the images below to read the whole overview of the main provisions of the law, or click use the following links to read in English or in Ukrainian. Download in English: Download in Ukrainian:
Czech Republic: UBO update deadline
The deadline for updating Czech UBO registrations based on an amendment to the Czech UBO law adopted last year is 1 April 2023. Check that your UBO registration is up to date and that the registered UBO(s) still meet the UBO definition under the updated laws. Click on this link or the image below to read the whole overview.
Ukraine's Unbreakable Lawyers: A Buzz Interview with Alla Kozachenko of Kinstellar
The Russian invasion is still ongoing, affecting all areas of life in Ukraine, but there are slivers of hope and reasons to stay positive and optimistic, according to Kinstellar Partner Alla Kozachenko. “Russia’s full-scale invasion continues with heavy shelling of infrastructure – aiming to cut off connectivity, water, and electricity,” Kozachenko begins. “Lawyers had to adapt in order to ensure the continuity of services to their clients. With power outages for more than ten hours a day, we had to work from 'points of unbreakability,' gas stations, bomb shelters, and other locations, and we had to distribute work to colleagues outside of Ukraine as well. Our offices are now fully equipped with power generators
Ukraine: Sanctions – The edge of war and beyond
Since the outbreak of war in Ukraine, the world faces an ever-increasing number of restrictive measures and sanctions introduced in various jurisdictions. While the global sanctions landscape has been long established, it has developed rapidly after February 24, 2022. Ukraine introduced its first sanctions law in 2014 after Russia annexed Crimea (the Law of Ukraine on Sanctions No. 1644-VII, dated August 14, 2014 – Law on Sanctions). Since then, Ukraine implemented further autonomous sanctions and introduced various restrictive measures similar to sanctions in nature. Following the full-scale Russian invasion, the Ukrainian authorities have been closely monitoring and synchronizing Ukrainian sanctions with those
Top managers in Slovak companies: Employees, directors or both?
This article refers to situations where a director of a Slovak company (i.e., a person appointed to be the statutory representative) is in parallel engaged as an employee, occupying a senior management position such as CEO, CFO, COO, etc., in the same company. These situations are relatively common in Slovakia, but they bring more practical and legal challenges than the company might expect. Employee Employment relationships are regulated by the Slovak Labour Code. In an employment relationship, the employee performs for the employer (the company) so-called dependent work characterised by the employer´s authority and the employee´s subordination. Empl oyment has the
Bulgarian Parliament passes the Whistleblowing Act
The Bulgarian Parliament has passed an Act on protection of persons who report breaches or publicly disclose information on violations (the “Whistleblowing Act”, the “Act”), implementing Directive (EU) 2019/1937 of the European Parliament and of the Council of 23 October 2019 on the protection of persons who report breaches of Union law. The Whistleblowing Act will become effective as of 4 May 2023 and aims to protect persons reporting breaches of Bulgarian law and / or EU law. It has a wider scope than the EU Whistleblowing Directive: the Whistleblowing Act extends protection under national law to include reporting on breaches in the areas of labour law and general criminal law. What this means for you?
Engaging employees | contractors in S/CEE
Engaging employees and contractors requires different approaches. In this article, we'll explore the key aspects of each and provide insights on best practices for collaboration. Whether you're a manager, a recruiter, or a worker, this article can help you make informed decisions about employment relationships and contractor partnerships. Click on this link or the image below to read.
Compensations for energy prices in Slovakia
On 21 February 2023, the Ministry of Economy of the Slovak Republic (“the Ministry”) published a call for the submission of applications for a subsidy to cover additional costs due to the increase in gas and electricity prices (“the Call”). The aim of the Call is to compensate qualifying companies and natural persons (entrepreneurs) for excessive energy prices from January to March 2023. In this article, we present an overview of the key information. Basis The Call was published in accordance with the state aid scheme approved by the European Commission under No. SA. 104846 under the State aid Temporary Crisis Framework (“the Scheme”). The Ministry has allocated a total amount of EUR 279,820,623
Employers of Record in the Czech Republic
The Czech Republic provides an attractive environment for businesses, as it is home to a large and skilled labor pool. However, navigating the legal and regulatory frameworks of employment in the country can be challenging. In this overview below, written by Senior Associates Martina Mazůrková and Tereza Mašková, we explore the concept of Employers of Record and how it simplifies hiring workers in the Czech Republic. Click on this link or the image below to read.
Impact of intellectual property on M&A transactions in Bulgaria and beyond
Unlocking the value of intellectual property (IP) Hardly anyone could argue against the constantly increasing importance of IP to companies. IP not only affects the business models of companies but also brings additional value to the table (e.g., in addition to its client list and personnel, a target offers proprietary software solutions facilitating and supplementing the company’s normal business activities). This is true not only for the “usual suspects” such as technology companies, FinTech startups, gaming studios, and pharmaceutical companies, but also for companies previously not so heavily dependent on IP assets, such as financial institutions, insurance companies, and retailers. Because of the above, in recent years
EUIPO offers SMEs trade mark and design grants of up to EUR 1,350
The European Commission and European Intellectual Property Office (“EUIPO”) have launched a small and medium sized business fund (SME Fund) to provide reimbursement for trademark and design application fees and pre diagnostic services. The grant scheme, designed to encourage SMEs to expand their IP portfolios, has a budget of EUR 25 million, available on a first come, first serve basis. The submission period for applications runs from 23 January to 8 December 2023. Read more in the brochure below: Download in English: In case of any questions with respect to the above, our specialists
A brief overview of selected legislative changes in the field of Czech employment law
Kinstellar’s Employment Law Team has prepared the following brief overview of upcoming changes in the field of employment law for 2023: Amendment to the Labour Code (expected entry into force: 1 July 2023) The most significant and highly anticipated change in the area of employment law for this year is expected to be an amendment to the Czech Labour Code. The amendment is tentatively scheduled to enter into force in the second half of 2023. The amendment will affect numerous areas of employment law, including, telework, delivery, and agreements on work performed outside of employment relationships. At the end of March 2023, a draft amendment will likely be submitted to the Czech