- Home
- News & Insights
Search by
Latest
A sector under the spotlight: what recent cases in Romania and at the EU level signal for pharma compliance
Competition and regulatory authorities across Europe are showing renewed vigilance toward the pharmaceutical sector—a field shaped by the intersection of competition law, regulatory frameworks, consumer protection, and IP. Recent cases illustrate that investigations in this area are increasingly complex and precedent driven, offering valuable guidance on how authorities assess commercial behaviour. Sun Wave Pharma case – the Romanian Competition Council unveils unfair competition practices In May 2025, the Romanian Competition Council (“RCC”) announced the conclusion of its investigation into Sun Wave Pharma S.R.L., a major player in the food supplements market in Romania. The inquiry focused on allegations
Kinstellar announces leadership appointments across firmwide Sectors and Service Lines
Kinstellar is delighted to announce several leadership appointments across our Service Lines and Sectors: Horst Ebhardt (Office Managing Partner, Vienna) has been appointed Co-Head of the M&A, Corporate and Private Equity Service Line, alongside Jan Juroška (Prague Office Managing Partner), Cătălin Graure (Counsel, Bucharest) will serve as Head of the firm-wide Foreign Direct Investment (FDI) Screening Service Line, and Barbara Kusak (Partner, Prague) and Rusandra Sandu (Partner, Bucharest) will lead our firm-wide Consumer & Retail Sector. Horst brings 25 years of experience in private practice, specialising in complex cross-border M&A, privatisations, and restructuring
Updates on NIS2 in Romania
Following up on our initial article regarding the transposition of the NIS2 Directive (EU) 2022/2555 (“NIS2”) in Romania via Government Emergency Ordinance no. 155/30.12.2024 (“GEO 155”), we would like to inform you of the following relevant evolutions in this area as of today, 20 August 2025: The Romanian National Directorate for Cybersecurity ("DNSC”) has issued the long awaited application norms for registering with DNSC as important or essential entity. DNSC Order no. 1/2025 was published in the Official Gazette of Romania on 20 August 2025. As of publication, in-scope entities have 30 days at their disposal to register with DNSC. Registration should primarily be done using the online
Kinstellar supports Banca Intesa in its mini-bonds transaction with Diopta
Kinstellar is pleased to have supported Banca Intesa with the first issuance of collateral-free mini bonds in Serbia - a significant milestone in the development of the local capital market. This innovative transaction, worth RSD 470 million, was arranged for Diopta, a leading optical retailer in the Western Balkans. It marks a significant advancement in the expansion of financing opportunities for SMEs. Throughout this pioneering issuance, we advised Banca Intesa, ensuring a secure and efficient legal framework aligned with the highest market standards. The deal forms part of the Minibond initiative by the Intesa Sanpaolo Group, which aims to promote sustainable economic growth and develop capital markets across
The European Accessibility Act: Compliance or consequences? Is your business prepared?
The European Accessibility Act (Directive (EU) 2019/882) (“EAA”) represents a significant shift in the regulatory landscape for private sector businesses across the European Union. Introduced to harmonise accessibility requirements for key products and services, the EAA is designed to improve access for persons with disabilities and foster a more inclusive internal market. With its full application date set for 28 June 2025, business entities that have not yet assessed their compliance posture face growing legal, operational, and reputational risks. The EAA expands beyond earlier public sector-focused legislation and applies to a wide range of industries—from tech to banking, telecoms, and e-commerce—making timely
Kinstellar, together with Greenberg Traurig Poland, advises on the Romanian, Czech and Hungarian legal aspects of a PLN 3.66 billion financing for CCC
Kinstellar, together with Greenberg Traurig Poland as lead counsel, is pleased to announce that it has advised again its long-standing client, CCC, the leading Polish-based footwear manufacturer and retailer with a network of over 1,000 stores across 29 countries, on the Romanian, Czech and Hungarian legal aspects of the recent financing increase. The financing, with a total value of PLN 3.66 billion (approximately EUR 850 million), was provided by a consortium of lenders including mBank, the European Bank for Reconstruction and Development, Bank Pekao, BNP Paribas Bank Polska, PKO Bank Polski, Santander Bank Polska, and Bank Handlowy w Warszawie, alongside the factoring entities Santander Factoring, mFaktoring, PKO Faktoring
Hartwig Kienast, a leading Austrian M&A lawyer, joins Kinstellar as Partner in Vienna
Kinstellar is delighted to announce that Hartwig Kienast, a highly regarded M&A lawyer, has joined our newly launched Vienna office as a Partner. His arrival further strengthens our M&A and private equity capabilities in Austria and across the wider CEE region, reaffirming our commitment to delivering top-tier legal advice in this key market. Hartwig Kienast specialises in mergers & acquisitions, private equity, and venture capital transactions, as well as corporate reorganisations. He has been actively involved in large cross-border M&A transactions and restructurings, advising both international corporations and investors. His experience spans a wide range of sectors, including: infrastructure & energy
Food prices in Bulgaria: Businesses to remain vigilant even after the competition authority finds no anti-competitive agreements between supermarkets
In a decision that will shape the competitive landscape of the Bulgarian food market, the Bulgarian Commission for Protection of Competition (“CPC”) concluded that there is no evidence of anti-competitive agreements between the major supermarket chains regarding food prices. Background and investigation The CPC initiated an investigation in response to the significant increase in retail prices of basic food commodities observed since early 2022 and the first months of 2023. The competition authority aimed to identify any practices restricting competition, such as: covert agreements, collusion, or concerted actions among retailers. While much of the data in the CPC’s decision remains confidential
Cybersecurity: Romania transposes the NIS2 Directive. What’s next?
Directive (EU) 2022/2555 (NIS2) aims to further strengthen the cyber resilience of the EU by requiring entities in various sectors to dial up their cybersecurity efforts. NIS2 replaces the former NIS1 Directive (EU) 2016/1148, expands the range of entities falling under its provisions, and introduces stricter requirements for these entities. On 31 December 2024, the Romanian government passed Government Emergency Ordinance no. 155/2024 (GEO 155/2024) transposing NIS2 into national legislation. Whom does it concern? NIS2 and GEO 155/2024 target entities across various industry sectors and categorises them into essential and important entities. Entities active in the following areas should check whether
Kinstellar Sofia advises UniCredit Bulbank on Minimart’s first corporate bond issue
Kinstellar has advised UniCredit Bulbank as lead manager of the private placement of corporate bonds worth EUR 25 million by Minimart, a fast-growing chain of convenience stores in Bulgaria. The 250 bonds with a nominal value of EUR 100,000 each have a maturity of 5 years and an interest of 7.77%, paid twice a year. The bonds were subscribed by UniCredit Bulbank, Eurobank Bulgaria, Varengold Bank, and KBC Agro - Bulgaria. The private placement enables Minimart to further expand its retail network to 300 stores in 2025 and invest in its IT infrastructure. Kinstellar’ s team was led by Svilen Issaev (Head of Banking, Finance and Capital Markets in Sofia) and included Senior Associates Nikolay Gergov and Denitsa
Updates to gambling regulations in Ukraine
The Ukrainian parliament recently adopted Law of Ukraine No. 4116-IX[1] to combat gambling addiction (ludomania) and to improve the state regulation of activities related to the organisation and conduct of gambling and lotteries. Most of the amendments will come into force on 1 April 2025. The main changes, inter alia, include: 1. The abolition of the Commission for the Regulation of Gambling and Lotteries and the establishment of a new authorized body. 2. A significant expansion and detailing of applicable rules concerning the advertising of gambling, including: a prohibition on using patriotic themes and topics related to the war with Russia, and on using volunteers and military personnel
Kinstellar advises EBRD on supply chain financing for Profi
Kinstellar is pleased to announce that, together with Sullivan & Worcester, we have advised the European Bank for Reconstruction and Development (EBRD), partnering with Banca Transilvania on implementing a supply chain financing programme for Profi Rom Food, one of Romania’s leading retail chains. This transaction marks the EBRD’s first supply chain finance initiative in Romania aimed at strengthening a domestic value chain. The EBRD will assume up to EUR 10 million in local currency risk, effectively doubling Profi’s supply chain finance programme to EUR 20 million through a shared-risk model. Profi, which operates 1,750 stores across Romania under three brands—Super (mid-sized to large stores), Go