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Insights March 2024

Get ready for the new foreign direct investment screening regime in Bulgaria

A foreign direct investment screening mechanism entered into force in Bulgaria on 12 March 2024. The mechanism applies Regulation (EU) 2019/452, establishing a framework for the screening of foreign direct investment (“FDI“) into the Union. This is a significant development in the regulatory landscape governing foreign investments in Bulgaria, although some uncertainty remains as to its impact. Due to certain lack of clarity in the final text of the legislation, each investment should be carefully analysed on a case-by-case basis, especially during the transition period. Investments requiring an FDI approval According to the bill amending the Investment Promotion Act (“IPA”), an investment in Bulgaria is

News March 2024

Kinstellar announces new promotions to Counsel

February 2024 – Kinstellar is delighted to announce the promotions to Counsel of: Yerlan Akhmetov, Kuanysh Shekerbekov (Almaty, Kazakhstan), Cătălin Dinu, Cătălin Graure (Bucharest, Romania), Barnabás Sági (Budapest, Hungary), Yulia Eismont, Maksym Tesliar (Kyiv, Ukraine), Michal Forýtek (Prague, Czech Republic),  Andrijana Kaštelan, Vedran Kopilović, Marija Vuchetich (Zagreb, Croatia). ALMATY Yerlan Akhmetov focuses on banking and finance, M&A and capital markets matters. Having been with the Firm for nine years, Yerlan has earned a reputation for cultivating strong client relationships, demonstrating leadership qualities and making significant contributions to our firm's success. He has played a key role

Insights December 2023

Romania transposes the ECN+ Directive, further strengthening the Competition Council’s investigative powers

Facing EU infringement concerns, Romania has finally adopted an ordinance amending the Competition Law no. 21/1996 (the “Competition Law”), aimed at fully transposing into local law EU Directive 1/2019 to empower the competition authorities of the Member States to be more effective enforcers and to ensure the proper functioning of the internal market (the “ECN+ Directive”). This was carried out through Government Emergency Ordinance no. 108/2023 (“GEO 108/2023”), published in the Official Gazette on 6 December 2023. GEO 108/2023 goes further than merely transposing the provisions of the ECN+ Directive (as some of the principles in the directive had already been reflected under national law previously)

Insights December 2023

Gotta catch 'em all: Extending the scope of the Romanian FDI Screening Regime to EU investors and below-control acquisitions

A little over one year since Romania’s new foreign direct investment (“FDI”) screening regime (that we previously wrote about here and here) became fully operational, the Romanian government passed an emergency ordinance meant to further clarify particular aspects under the law (such as the scope of the screening regime, which is further extended) or to translate into law the lessons learnt or the authorities’ reading of the rules since applying the new FDI law.   The new changes to the FDI law were introduced by Government Emergency Ordinance no. 108/2023 on amending the supplementing Competition Law no. 21/1996, as well as other normative acts (the “FDI Amendment Law”, published in the Official Gazette

Insights June 2023

Further changes introduced to Romania’s FDI regime

Romania has just introduced additional amendments to its foreign direct investment (“FDI”) screening regime, further broadening the scope of what was already one of the more far-reaching FDI regimes in the European Union. The changes were enacted under Law no. 164/2023, published in the Official Gazette of Romania on 7 June 2023 (the “FDI Amendment Law”) and applicable as of 10 June 2023, on approving Government Emergency Ordinance no. 46/2022 on measures for applying EU Regulation 2019/452 establishing a framework for the examination of foreign direct investment in the Union (the “EU FDI Regulation”) and amending Competition Law no. 21/1996 (“GEO 46/2022”). GEO 46/2022 introduced the new FDI framework in

News April 2023

Kinstellar launches comprehensive FDI screening service to help clients navigate the regulatory landscape

Kinstellar is delighted to announce the launch of its comprehensive Foreign Direct Investment (FDI) screening service. As the regulatory landscape around FDI continues to evolve, Kinstellar recognises the critical importance of helping clients navigate this complex area. Our team of cross-practice experts has deep understanding of the various regulatory frameworks governing FDI screening across different jurisdictions. We help our clients assess the potential risks and opportunities associated with foreign investment and develop strategies to ensure compliance with applicable laws and regulations. The new service includes comprehensive FDI screening and due diligence; assistance with FDI screening filings and communicating

Insights January 2023

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.

Insights January 2023

Slovak Republic – New Foreign Direct Investment Screening Act

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.

Insights November 2022

Romania approves secondary norms to its new FDI regime

The Romanian government has adopted secondary legislation for the organisation and functioning of the FDI Screening Commission (the “CEISD”)—the authority tasked with the review of foreign investments under Romania’s new foreign direct investment (“FDI”) regime. Specifically, the government adopted Government Decision no. 1,326/2022 approving the Regulation on the functioning of the CEISD, which came into force as of 8 November 2022 (the “CEISD Regulation”). Romania’s new FDI regime was introduced earlier this year through Government Emergency Ordinance no. 46/2022 on measures for applying EU Regulation 2019/452 establishing a framework for the examination of foreign direct investment in the Union (the