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Navigating the Regulatory Landscape: An Overview of Banking as a Service
In an era defined by digital transformation and the ever-evolving landscape of financial services, the concept of banking as a service (“BaaS”) has emerged as a key force reshaping the industry. By enabling non-bank entities to offer financial services through partnerships with licensed banks or financial institutions, BaaS has opened up a new realm of possibilities, facilitating innovation, enhancing customer experience and promoting financial inclusion. However, realising these opportunities is closely linked to navigating the complex regulatory framework that governs BaaS operations. BaaS can take various forms, allowing non-licensed entities to provide financial products such as banking, payment, e-money
Update on the ESG reporting obligations in Bulgaria, Croatia, the Czech Republic, Hungary, Romania and Slovakia
CSRD implementation uneven a month before deadline June 2024 – With less than a month to go before the 6 July 2024 deadline for transposing the EU Corporate Sustainability Reporting Directive (EU) 2022/2464 (the "CSRD", the “Directive”), countries in Central and Eastern Europe (“CEE”) are still at different stages of implementation. While Romania and Slovakia have completed their legislative processes, Bulgaria and Croatia are still in the legislative pipeline. The Czech Republic and Hungary have completed, at least partially, their transposition, with additional legislation still to be implemented, albeit within uncertain timeframes. For a more comprehensive overview of each stage of the progress on CSRD transposition
Update on the ESG reporting obligations in Bulgaria, Croatia, the Czech Republic, Hungary, Romania and Slovakia
CSRD implementation: regional progress uneven as deadline draws near As the 6 July 2024 deadline for implementation of the EU Corporate Sustainability Reporting Directive (EU) 2022/2464 (the "CSRD") approaches, a new landscape of reporting standards is beginning to take shape across Central and Eastern Europe ("CEE"). Three of the six countries in CEE (the Czech Republic, Hungary and Romania) adopted legislative acts in the beginning of 2024 that, at least partially, implement the CSRD into national legislation. The progress in Slovakia, Bulgaria and Croatia however has been slower. Our third status update on the CSRD implementation in Bulgaria, Croatia, the Czech Republic, Hungary, Romania and Slovakia is available here. For
Kinstellar advises S IMMO AG on the sale of Zagrebtower
Kinstellar has successfully advised S IMMO AG on the sale of Zagrebtower office building to the OTP Group. The transaction is expected to close in the third quarter of 2024, subject to the necessary regulatory approvals. Kinstellar advised S IMMO AG throughout the process including on structuring of the transaction, due diligence, and transaction negotiations. Located in the heart of the Croatian capital, the class A office building encompasses a total net area of almost 26,000 m² and has a BREEAM International In-Use Excellent certificate. Zagrebtower consists of a 22-storey, 79 metre office tower with a connected nine-storey low-rise building. The tenants include the Croatian Ministry of Economy and
Kinstellar advises IMMOFINANZ on the sale of Grand Center Zagreb
Kinstellar has successfully advised IMMOFINANZ on the sale of the Grand Center Zagreb office building to a Croatian real estate investment company. Kinstellar advised IMMOFINANZ throughout the process including on structuring of the sale process, structuring of the transaction, due diligence, and transaction negotiations. Located in the heart of the Croatian capital, Grand Center Zagreb stands as a modern, high-quality office building with a distinctive architectural design. With approximately 16,000 sqm of exclusive office space, the property also provides tenants with access to local amenities, including a variety of bars and restaurants. Kinstellar’s team was led by Andrijana Kaštelan, Counsel, and
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
Update: ESG reporting obligations in Bulgaria, Croatia, the Czech Republic, Hungary, Romania and Slovakia
With the 6 July 2024 deadline for the implementation of the EU Corporate Sustainability Reporting Directive (EU) 2022/2464 (the "CSRD”) looming, Member States across the EU have been moving at different speeds to adopt their respective local implementing legislation. Our second status update on the CSRD implementation in Bulgaria, Croatia, the Czech Republic, Hungary, Romania and Slovakia is available here. At the time of writing, three of the six countries in Central and Eastern Europe that we have been following – the Czech Republic, Hungary and Romania – have already adopted legislative acts that, at least partially, implement the CSRD into national legislation. Slovakia has brought a draft act to parliament
Kinstellar contributes to International Employment Lawyer's Guide to Restructuring a Cross-Border Workforce
Kinstellar is delighted to have contributed to IEL’s Guide to Restructuring a Cross-Border Workforce 2023. In 2023, cross-border restructurings increased significantly – a trend that is expected to persist in early 2024. But conducting the process fairly, and thoroughly, poses a distinct set of hurdles for multinationals. The global guide examines and provides, across 45 jurisdictions, clear answers to the key questions facing employers when conducting a restructuring, under the following areas: Reduction in workforce Restructuring/Re-or ganisation of the business Changing terms and conditions Areas to watch Kinstellar employment team covered the following jurisdictions:
ESG reporting obligations in Bulgaria, Croatia, the Czech Republic, Hungary, Romania and Slovakia
Since the ESG reporting obligations in the EU, i.e. the Corporate Sustainability Reporting Directive (CSRD) entered into force earlier this year, the transposition clock has been ticking for Member States with a deadline expiring on 6 July 2024. Kinstellar’s ESG team is closely monitoring the implementation process in all EU countries where we are present. Our first status update on the CSRD implementation in Bulgaria, Croatia, the Czech Republic, Hungary, Romania and Slovakia is available here. At the time of writing, the Czech Republic, Hungary, Romania and Slovakia have proposed draft laws implementing the CSRD, while Bulgaria and Croatia have set up working groups to prepare draft legal acts. In any event
Kinstellar advises S IMMO AG on the sale of Eurocenter office building in Zagreb, Croatia
Kinstellar has successfully advised S IMMO AG, a real estate investment company, on the sale of Eurocenter, one of its office buildings in Zagreb, to Atlantic Grupa d.d. The transaction, which was carried out by way of a share deal, has an asset value of EUR 26.5 million. Eurocenter has been part of S IMMO AG’s commercial property portfolio since 2008. The centrally located, six-storey modern building features around 9,000 sqm and counts IBM, Atlantic Grupa, EBRD, and the Polish, Irish and Finnish embassies among its tenants. The Kinstellar team was led by Andrijana Kaštelan, Managing Associate, and included Duško Žurić, Partner, Senior Associates Tena Pajalić and Matea Sekur, as well as Kristina Marinov
Kinstellar advises I Squared Capital on the acquisition of Arriva Group
Kinstellar, together with Skadden, Arps, Slate, Meagher & Flom as the lead counsel, has successfully advised Miami-based I Squared Capital, a leading global infrastructure investment manager, on the multi-jurisdictional acquisition of the entire Arriva Group, an international transport business of Deutsche Bahn. The sale is expected to close in 2024. Kinstellar delivered a comprehensive range of legal services. This included conducting due diligence and offering regulatory advice that spanned multiple Central and Eastern European (CEE) countries. Kinstellar also provided transactional advice, with a specific focus on local law requirements arising in connection with the negotiation of the SPA and completion of the
Cannabis use: CEE regulatory update
Significant changes in the regulation of cannabis use have occurred in some countries in Central and Eastern Europe since our last report. In addition to a number of countries gradually legalising the use of cannabis for medical purposes, increasing efforts by some countries are being seen to also legalise the use of cannabis for recreational use, as well as the use of other products containing various cannabinoids, most importantly cannabidiol (CBD). Click here to read a summary of recent changes related to the national regulation of this rapidly growing sector across Central and Eastern Europe. For any other details or information, please contact Tomáš Čihula, Partner. Contributors: