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Insights June 2024

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

Insights June 2024

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

Insights June 2024

Lifting financial assistance prohibition in Slovakia by allowing whitewash procedure

Effective 1 March 2024, financial assistance, i.e., the so-called whitewash procedure, is allowed for joint-stock companies, subject to certain conditions. Previously, such financial assistance was completely prohibited for joint-stock companies. No other types of companies in Slovakia were subject to this limitation. 1. What is the whitewash procedure? Financial assistance is defined as granting advance payments, loans or credits by a target company for the purpose of acquiring its shares and granting security by such company for this purpose. The financial assistance rules apply also for establishment of pledge over the company’s own shares as well as for acquiring, subscribing or establishing a pledge

Deals May 2024

Kinstellar advises SAMCO Aircraft Maintenance on the acquisition of Austrian Airlines Technik – Bratislava

Kinstellar has successfully advised the Dutch aircraft maintenance provider SAMCO Aircraft Maintenance (SAMCO) on the acquisition of Austrian Airlines Technik – Bratislava (ATB). Located at the Maastricht Airport in the Netherlands, SAMCO provides a wide range of aircraft maintenance activities—from heavy base-maintenance checks, line-maintenance, logistic support, asset and maintenance management to EASA Part 21 approved design changes. With the acquisition of ATB, SAMCO increases its footprint significantly.  ATB, located in Bratislava, Slovakia, is fully equipped to perform all base maintenance services with close to 250 staff. With this strategic acquisition, SAMCO creates five additional lines for Embraer

Insights April 2024

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

News April 2024

Kinstellar to continue the operation of Noerr’s CEE practice in the Czech Republic, Hungary, Romania & Slovakia

Noerr and Kinstellar are very pleased to announce that Noerr’s practices in Budapest, Bratislava, Bucharest and Prague are to be transferred to Kinstellar. Noerr and Kinstellar have agreed to transfer these practices after the details of the integration are fully worked out. Several important operational and technical aspects, including investments in IT systems, leasehold premises are being worked out and the deal will complete after all necessary regulatory consents and internal approvals have been obtained.  Noerr delivers the highest level of service to its clients. For many years, the law firm has successfully pursued a strategy of qualitative growth. Noerr has operated offices in CEE since 1990 and is very proud of the accomplishments

Insights March 2024

Do you want to litigate in Slovakia? From 1 April 2024 you will pay more

At the end of last year, the National Council of the Slovak Republic adopted changes to administrative fees, court fees and fees in other areas of public administration. From 1 April 2024—just a few days from now—not only will it be necessary to pay more for various administrative matters, but court fees will also increase. Click on one of the images below or click on the following links to read the overview covering the respective changes in English or in Slovak.   Downloa d in English: Download in Slovak:

Insights March 2024

Slovakia – Choice of jurisdiction in purely national relationships resolved

In its decision of 8 February 2024 (C 566/22), the Court of Justice of the European Union (the ECJ) has finally resolved the long-term practical question (and debate among legal practitioners) whether, in the case of a purely national relationship without the presence of a foreign element or link to several legal orders, contracting parties may choose the jurisdiction of the judicial authorities of any EU Member State. The response is YES. This landmark decision is a clear affirmation of the parties’ autonomy to determine the jurisdiction of the judicial authorities. Simply put, if two Slovak entities enter into an agreement under Slovak law without a link to another Member State or non-Member State, the parties are not

Insights February 2024

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

Insights January 2024

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:

News January 2024

Kinstellar appoints new Sector and Service Line Heads and Head of German Desk

Kinstellar supports professional growth by offering a broad range of career development opportunities for our team, including the role of sector/service line head or co-head. We provide growth opportunities to all of our talented lawyers with the relevant experience and an outstanding track record. We are delighted to announce the following appointments: Csilla Andrékó, Partner in our Budapest office, is the Co-Head of the firm-wide Banking & Finance Service Line. Csilla is one of the founders of the Firm and the former Managing Partner of the Budapest office. Csilla also served as the head of the regional Banking & Finance and Restructuring & Insolvency Service Lines. She retired from active practice

Insights December 2023

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