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Kinstellar welcomes Miloš Gledović as Of Counsel for Energy & Real Estate in Belgrade
Kinstellar is pleased to announce that Miloš Gledović has rejoined our Belgrade office as Of Counsel, strengthening our capabilities in the Energy and Real Estate sectors. With more than 15 years of cross-border experience, Miloš advises on sophisticated energy and real estate matters, with a focus on project finance and construction. His work also includes corporate and tax structuring in the context of complex international transactions, supporting financial institutions, project developers, PE investors, and other industry professionals. In addition, Miloš brings valuable experience from the commercial real estate sector and expanded tax expertise, enabling him to deliver practical, business‑oriented
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
Digital Product Passports: The regulatory shift fashion brands need to plan for
Fashion and luxury brands selling into the EU should prepare for a regulatory shift that will directly affect how products are documented, traced and placed on the market. Regulatory work is now intensifying on implementing measures, including the rollout of Digital Product Passports (DPPs). DPPs are becoming a central instrument in the EU’s strategy to advance circularity, transparency and sustainability. For the fashion industry, DPPs represent not only a compliance obligation, but a shift in how product data and supply chains are managed. DPPs as a new regulatory standard A Digital Product Passport will function as a product’s digital identity, containing information on origin, material composition
Impact of the termination or annulment of a Share Transfer Agreement on obligational legal grounds after registration in the relevant register, in Serbia
In practice, a recurring issue is whether the cancellation of a Share Transfer Agreement on grounds arising under Serbian obligations law (e.g., mistakes, fraud, etc.) can also affect the ownership of a share that has already been registered with the Business Registers Agency ("BRA"). Serbian court practice, however, has consistently held that once registration of the change of founder has been registered in the business register, the registration produces status-related legal effects that cannot be undone by the application of obligation law rules. Namely, the Supreme Court of Cassation, in Judgement Prev 120/2015 dated 17 March 2016, expressly held that Share Transfer Agreements and annexes thereto, on the basis
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
Alternative distribution models in the automotive sector: Consumer protections and liabilities
Alternative distribution models based on direct sales to consumers can be carried out with the varied involvement of traditional dealers. This means, among other things, producers taking on a significant number of consumer law obligations previously borne by dealers. In any event, the actual liability of producers in relation to direct sales depends on the respective contractual terms between manufacturers and agents. For example, in Austria, the differing contractual terms between a producer and agent, and an agent and customer, can lead to the following scenarios: a) a commercial agent selling vehicles in the name of the manufacturer while the manufacturer as the seller remains fully liable in terms of contractual
NIS2 and the New Serbian Law on Information Security
The Republic of Serbia has adopted a new Law on Information Security (Zakon o informacionoj bezbednosti) (“Serbian NIS2”), marking a significant reform of the national cybersecurity framework and alignment with the EU NIS2 Directive. The Serbian NIS2 broadens the range of regulated entities, strengthens institutional coordination, and introduces clearer obligations for organisations operating ICT systems of special importance. Secondary legislation is expected in 2025–2026, and the previous law remains partially applicable until the end of 2025 to secure continuity during the transition period. This article provides an overview of the key novelties introduced by the Serbian NIS2, together with an outline of the
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 Conexio on the sale of a strategic telecommunications infrastructure asset to EXA Infrastructure
Kinstellar has recently advised Conexio on the successful sale of a strategic telecommunications infrastructure asset to EXA Infrastructure, in Serbia. The transaction involved a metro network stretching 860 km, along main Serbian highway corridors, offering the shortest border-to-border routes with low latency and high reliability. The network connects the key Serbian cities of Belgrade, Niš, and Novi Sad, linking to the international borders of Croatia, Hungary, Bulgaria, and North Macedonia, where it interconnects with all major carriers, forming a vital digital backbone for regional connectivity. Kinstellar provided full legal support on this multi-million euro infrastructure asset deal, covering transaction
Alternative distribution models in the automotive sector: Contractual law issues
The European automotive industry is in the midst of a profound transformation. Traditional dealership networks are being redefined, with manufacturers increasingly weighing direct-to-consumer, agency, or hybrid sales models. While such innovations can enhance brand control and customer engagement on the part of manufacturers, they also raise complex contractual law issues related to commercial and legal sustainability. At the centre of these challenges is the reality that altering hitherto existing distribution models requires substantial changes to existing contractual relationships. After all, most dealership agreements contain detailed provisions on exclusivity, termination rights, and non-compete obligations. Failure
Transitioning to an agency model in automotive sales: The pros and cons from a legal perspective
The automotive industry is entering a new era – not only in terms of technology and electromobility but also in terms of how vehicles are sold. Certain manufacturers are shifting away from the traditional dealership model towards alternative sales models, such as agency system, while many others remain wary about the viability of such alternatives. Traditionally, manufacturers would sell cars through dealerships, who acted both as buyers and as agents. Dealers would typically purchase vehicles, hold inventory, and then sell cars to customers, earning profits from sales margins and commissions. Under the new agency model, dealers will act as sales agents directly for manufacturers. They will thus no longer purchase
Increase of attorney fees in Serbia: Running in place or running ahead?
From 5 July 2025, legal services provided by attorneys in the Republic of Serbia are billed in accordance with the new Tariff on Attorneys’ Fees and Reimbursements. The Managing Board of the Bar Association of Serbia decided to increase the value of one tariff unit from 45 dinars to 50 dinars, and the decision was published in the Official Gazette of the Republic of Serbia No. 56/2025. On paper, this looks like simple news: five dinars more per tariff unit. But for attorneys, the question is whether this really counts as an increase, or if it is just an illusion of growth that inflation has already swallowed. Tariff unit: The attorney’s currency For those who do not practice law every day, it is important