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CRD VI explained: What the new EU bank M&A rulebook means for Austria
CRD VI (Directive (EU) 2024/1619) introduces a new harmonised EU regime requiring EU credit institutions and licensed (mixed) financial holding companies to obtain prior approval and to notify supervisors before carrying out material acquisitions, mergers, divisions, or material transfers of assets and liabilities. The existing regime governing acquisitions or disposals of qualifying holdings in a credit institution will continue to apply in parallel, with some amendments. The new unified regime replaces today’s patchwork of Member State national rules and extends supervisory involvement well beyond the existing qualifying holdings framework. Until now, many Member States (including Austria) required approval only for
Understanding the legal landscape of private credits
Private credit has become one of the fastest‑growing segments of modern finance, offering flexible alternatives to traditional lending. Our cross‑border overview brings together the key legal questions that arise across 12 jurisdictions, helping investors, lenders, and borrowers navigate an increasingly complex regulatory environment. This guide highlights the most important considerations—including licensing, security, financial assistance, tax aspects, and insolvency implications—to support more informed decision‑making in private credit transactions throughout Emerging Europe and Central Asia. Partner Tomáš Melišek drove the preparation of the material with the support of local teams of legal experts
Navigating the MiCA landscape: Considerations for forum shopping in CEE and beyond
As the European financial market undergoes a major digital transformation, the implementation of the Markets in Crypto-Assets Regulation (MiCA) stands out as a defining milestone. By introducing a harmonised legal framework, the EU is transforming from a frag mented regulatory landscape into the world’s largest single market for regulated digital assets. For crypto-asset service providers (CASPs) and institutional investors, this shift offers a “single passport”, legitimising the industry and enabling growth. Yet the practical application of these rules varies across Member States, influenced by differences in administrative capacity, supervisory culture, and national legal traditions. Choosing a “home” jurisdiction
Austria publishes ministerial draft regarding AIFMD II implementation. A new loan origination framework for funds is introduced.
Directive (EU) 2024/927, commonly referred to as AIFMD II, marks the most significant reform of the Alternative Investment Fund Managers Directive (AIFMD) since its original adoption in 2011. Member States are required to transpose AIFMD II into national law by 16 April 2026. On 22 January 2026, the Austrian Federal Ministry of Finance has published a ministerial draft regarding the implementation of AIFMD II by amending the Austrian Alternative Investment Fund Managers Act (Alternative Investmentfonds Manager-Gesetz, AIFMG). The key objectives are a stronger liquidity risk management, a harmonised EU legal framework for loan originating funds, greater transparency and reporting obligations, as well as stricter
Further easing of currency restrictions in Ukraine: Focus on new currency liberalisation instruments
On 13 January 2026, the National Bank of Ukraine (NBU) announced a new package of updates to the existing currency (FX) restrictions that were introduced in February 2022 in response to Russia’s full-scale invasion. The regulatory changes are aimed at further developing the incentive-based FX liberalisation framework gradually implemented by the NBU since 2025, as well as better supporting Ukrainian businesses operating under martial law. The key amendments entered into force on 14 January 2026 and include: 1. Dividend payments, repayment of "old" loans and other transactions within the "loan limit" The cornerstone of the new package is the introduction of a so-called “loan limit”, a special
War risk insurance in Ukraine: New government mechanisms and market outlook
As a result of Russia’s ongoing aggression, businesses across virtually all sectors of the Ukrainian economy have suffered severe damage and financial losses. Missile strikes, drone attacks, and other forms of hostilities affect both frontline and rear regions – and the number of impacted enterprises continues to grow on a daily basis. According to expert assessments, by mid-2025 Ukraine’s direct, documented losses incurred from the war had reached approximately USD 176 billion[1]. In such an environment, investors, both domestic and international, naturally seek mechanisms to protect their assets and capital exposure. Insurance is one of the few tools capable of providing such risk mitigation at scale. Why
Kinstellar advises BIG Mega Renewable Energy on over EUR 100 million financing for the Vacareni Wind Farm in Romania
December 2025 – Kinstellar has successfully assisted the leading renewable energy developer BIG Mega Renewable Energy on an approximately EUR 100 million project financing with a syndicate of lenders for the construction and operation of the Vacareni wind farm located in Tulcea County, Romania. The financing will support the development, construction, and long-term operation of 17 wind turbines. With a total installed capacity of 102 MW, the Vacareni wind farm represents another significant milestone in BIG Mega Renewable Energy’s commitment to advancing Romania’s transition to clean and sustainable energy. The syndicate of lenders comprised Erste Group Bank, Banca Comerciala Romana, Banca Comerciala Intesa Sanpaolo Romania
Kinstellar expands Vienna office with the appointment of Laurenz Liedermann as Partner
Kinstellar is pleased to announce that Laurenz Liedermann has joined our Vienna office as a Partner and Head of the local Banking & Finance service line. His arrival strengthens our Banking & Finance offering in Vienna, adding senior expertise that supports the continued expansion of our presence and capabilities in the Austrian market. Laurenz’s practice spans the full range of banking and finance matters, with particular emphasis on acquisition finance, corporate lending, real estate finance, portfolio transactions and restructuring. Alongside his transactional work, he is well-known for his expertise in legal-tech and digital workflow solutions, which he applies to improve transparency, reduce risk and optimise
Austria’s Crypto Reporting Act: Clear rules and tax transparency for investors
With the new Crypto Reporting Act ("Krypto-Meldepflichtgesetz" – Krypto-MPfG) effective from 1 January 2026, Austria aligns with international standards for transparency and tax compliance in the digital asset space. This reflects the EU’s broader push for harmonised regulation under DAC8 (the eighth amendment to the Directive on Administrative Cooperation in Direct Taxation, which mandates the automatic exchange of information on crypto-asset transactions between the Member States), the OECD’s Crypto-Asset Reporting Framework ("CARF"), and the EU’s Markets in Crypto-Assets Regulation ("MiCAR"). The new legislation implements international standards and sends a clear message: the regulatory net is tightening
ISS & Glass Lewis – The end of standardised proxy voting recommendations?
For years, proxy advisors Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. (“Glass Lewis”) have shaped voting behaviour at annual general meetings (“AGMs”) of publicly listed companies, including in Austria, through their uniform “benchmark” voting recommendations. This approach, it appears, will soon be history. What’s new Beginning in 2027, Glass Lewis will discontinue its long-standing practice of issuing single, default “benchmark” voting recommendations and instead collaborate with institutional clients to create fully customised voting policies supported by company-specific research reports ahead of AGMs. Glass Lewis aims to have all clients transitioned
Kinstellar advises the investment-holding company AJFH on the acquisition of Imlek, a leading dairy producer in Southeast Europe
Kinstellar has successfully advised AJFH (the family office of experienced entrepreneur and investor Andrej Jovanović) on the acquisition of Imlek, a leading dairy producer in Southeast Europe, from MidEuropa Partners. The transaction is expected to close in Q1 2026, subject to standard regulatory approvals and completion conditions. Imlek is headquartered in Belgrade, Serbia, and operates production facilities (dairies) in North Macedonia and Bosnia & Herzegovina. Our team provided full-scope legal advice, including transaction structuring, negotiation of the transaction documents, financing, and regulatory/competition support. The project was led by Partner Hugh Owen, supported by Associate James
Kinstellar advises on landmark PV acquisition financing in Slovakia
Kinstellar is proud to have advised UniCredit Bank on the successful provision of acquisition financing and long-term refinancing for Slovakia’s largest operational photovoltaic (“PV”) portfolio, comprising 32 photovoltaic power plants strategically located across the country with installed capacity of 35 MW. The transaction marks a significant milestone in the Slovak renewable energy sector, with Austrian-based Enery—a leading independent green power producer in Central and Eastern Europe—acquiring the portfolio from ContourGlobal (51%) and Energy Infrastructure Partners (49%). Kinstellar provided comprehensive legal support to UniCredit Bank, which acted as the lender for both the acquisition financing