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Kinstellar announces new promotions to Partner and Counsel
Kinstellar is delighted and proud to announce the promotions to Partner of Tomáš Melišek (Bratislava), Levente Hegedűs (Budapest), Bulut Girgin (Istanbul), Anastasiya Bolkhovitinova, Natalia Kirichenko, Oleg Matiusha, Illya Muchnyk (all in our Kyiv office), and to Counsel of Dominika Bajzáthová (Bratislava). PARTNERS Tomá š Melišek, Bratislava Tomáš is the Head of the local Banking & Finance service line. He has 15 years of experience in banking and finance, focusing on project and acquisition financing as well as on financial regulations. Tomáš has substantial experience advising clients on significant financing transactions in the areas of real estate, energy, infrastructure, automotive, media
Czech Competition Authority's sector inquiry ends with recommendations for pharmaceutical industry
The Czech Competition Authority has concluded its sector inquiry into the distribution of pharmaceuticals in the Czech Republic, with a focus on the impact of direct distribution systems on competition. The inquiry found that the direct-to-pharmacy/direct-to-h ospital (DTP/DTH) systems in the country only cover a limited range of medicinal products, accounting for roughly 9% in quantity and 27-30% in financial terms. The Authority determined that the priority of ensuring the availability of medicines for patients outweighs any potential negative effects these systems might have on competition. The primary purpose of these systems should be to ensure the supply of medicinal products to patients.The sector inquiry found
Kinstellar announces new promotions to Managing Associates and Senior Associates in the Czech Republic
Kinstellar is delighted to announce the promotion to Managing Associate of Martin Holub and Václav Kment, and the promotion to Senior Associate of Tereza Mašková, Matěj Večeřa and Jakub Šťastný in our Prague office. With these promotions the firm acknowledges their dedication, teamwork, consistent high level of client service, legal knowledge and transactional expertise. Martin Holub focuses on real estate, in particular real estate transactions and commercial lease agreements. Assisting clients in drafting, reviewing and negotiating of various agreements, such as share purchase, lease for office premises, development management, construction, and other real-estate related documents. Václav Kment
Amended FDI rules in Hungary
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.
Kinstellar announces new promotions in Kazakhstan
Kinstellar is delighted to announce the promotion to Managing Associate of Yerlan Akhmetov (Banking & Finance, Corporate), Dina Berkalieva (Dispute Resolution) and Assel Mussina (Corporate, Real Estate) in our Almaty office. In addition, Anna Kornilova, a Senior Associate in the Almaty office, will become Head of Competition for Central Asia. These promotions are in recognition of their importance to our firm and its future and to their commitment to delivering exceptional value to our clients. Yerlan Akhmetov has over 15 years of experience in capital markets, banking and finance and M&A. He has taken the lead on numerous complicated financing transactions, and has been involved in high-profile M&A
Hungarian Competition Act amended effective the start of January
The Hungarian Competition Act (Act LVII of 1996 on the Prohibition of Unfair Market Conduct and Restriction of Competition) was amended effective 1 January. Below we provide a brief summary of the most significant changes. Increased merger control thresholds The Competition Act sets a dual turnover threshold to determine which transactions must be notified. These have all been increased, and from 1 January, only those concentrations must be notified where, in the last financial year for which a financial statement has been approved, the combined net turnover of all the groups of undertakings concerned (and their joint ventures, proportionately) exceeds HUF 20 billion (EUR 50 million) instead of HUF
Kinstellar advises OTP Bank on the successful acquisition of Ipoteka Bank in Uzbekistan
Kinstellar is proud to have advised OTP Bank, Hungary’s largest commercial bank and one of the largest independent financial service providers in Central and Eastern Europe, on the successful acquisition of Uzbekistan’s fifth-largest bank, Ipoteka Bank, with an 8.5% market share, more than 1.6 million retail customers and a significant roster of corporate clientele. Having worked together previously on several successful transactions in Hungary and in the CEE region, OTP mandated Kinstellar to handle its first acquisition in Central Asia. The deal involved four Kinstellar offices: Hungary, Uzbekistan, Serbia and Ukraine. According to the sale and purchase agreement signed on 12 December 2022, OTP Bank will
Focus on Merger Control in the Balkans: Kosovo
A new Competition Act entered into force in Kosovo in summer 2022. The most important change introduced by the new Competition Act is the change of the merger control threshold. Click on the link and image below to read more. Kinstellar Kosovo Merger Control
Kinstellar bolsters its competition & compliance practice in Belgrade with new hires
Kinstellar, Emerging Europe and Central Asia’s leading independent law firm, is delighted to announce the appointment of Olga Šipka as a Special Counsel in the Belgrade office and the head of the local Competition and Compliance service line. Olga Šipka is a highly regarded and experienced lawyer in the Serbian and regional (ex-Yugoslavia) markets. Olga’s core practices include competition and antitrust, regulatory and compliance. She boasts significant, broad-based experience advising and representing leading Serbian and international companies on numerous competition, corporate, data protection, regulatory and M&A projects covering Serbia and the Western Balkans. Her experience extends across a wide range of
Romanian government adopts law sanctioning speculative actions during times of crisis and regulating the abuse of superior bargaining position
In the context of a looming post-COVID-19 financial crisis, exacerbated by the Russian intervention in Ukraine, soaring energy and fuel prices, and rapidly rising inflation, the Romanian government has recently adopted Government Emergency Ordinance 84/2022 on combating speculative actions and amending and supplementing certain normative acts (the “GEO”). The GEO was published in the Official Gazette on 20 June 2022 and will enter into force fully in 30 days from publication. The GEO amends Law no. 11/1991 on unfair competition (the “Unfair Competition Law”) and introduces major changes to the legal framework of unfair competition rules in Romania. The GEO provides for, inter alia, sanctions for speculative actions
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
Merger and concerted action controls in Ukraine during martial law
Due to the introduction of martial law in Ukraine on 24 February 2022, the operations of the Antimonopoly Committee of Ukraine (AMC) have been adjusted or suspended in a number of ways. As a result, on 30 March 2022 the AMC adopted Guidelines on the filing and consideration of applications for merger clearances and concerted actions during martial law (Guidelines). To remind, Ukrainian competition legislation has exterritorial effect, meaning that concentrations finalised outside Ukraine may require approval from the AMC, if the financial thresholds provided under Ukrainian law are exceeded. Below we provide important highlights from the Guidelines with respect to merger and concerted action controls during martial