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Deals February 2023

Kinstellar advises BRD-Groupe Société Générale on a EUR 24.3 million green financing in western Romania

January 2023 – Kinstellar is delighted to announce that it has successfully advised BRD-Groupe Société Générale SA on a EUR 24.3 million financing for the development of two green residential buildings by the Belgian property developer Speedwell in western Romania (Timișoara). The financing has been structured by BRD in accordance with the LMA Green Loans Principles and the provisions of the Substantial Contribution Criteria of the EU Taxonomy for mitigating climate-change risks applicable to this type of development. BRD is confident that these two “green” buildings located in a premium location in Timișoara will set new quality standards for addressing climate-change challenges, proving once again that the ESG standard

Insights January 2023

The relaunch of social dialogue in Romania and its impact on employers

A new law on social dialogue has recently been adopted in Romania, Law No 367/2022 on social dialogue 1 ("Law No. 367/2022"), repealing the previous regulation, Law No. 62/2011. The new law on social dialogue is a true game changer and brings four significant reforms, respectively: the obligation to perform collective bargaining at both the unit (if it has at least 10 employees) and at the bargaining sector level; the possibility to perform collective bargaining at the national level; new obligations for employers to inform and consult employees' representatives/trade union representatives; extension of the range of cases triggering collective labour disputes. We expect

Insights January 2023

Decentralized clinical trials: Current developments in CEE and Turkey

The rapid development of technologies and solutions in the healthcare sector is contributing to the proliferation of decentralised clinical trials (“DCTs”).  The aim of DCTs is for clinical trials to be conducted more effectively and conveniently – for patients, sponsors and investigators – through the use of digital technologies. In addition, with hospital visits temporarily limited and staff capacities overwhelmed, the challenges associated with the Covid-19 pandemic have significantly underscored the necessity of performing certain elements of clinical trials remotely. Download in English:  

Insights January 2023

Unpacking the European Parliament’s Recent Resolution on Online Video Games

Last week, the European Parliament (“EP”) adopted a resolution on online video games (the “Resolution”) . In essence, the Resolution calls for strong enforcement of consumer protection rules in the video game industry, requires stricter regulation of loot boxes and emphasizes the enormous potential of the gaming sector. Download in English:    In case of any questions with respect to the above, our specialists are standing by to offer guidance and counsel.  

Insights January 2023

Legislative updates on employee salary rights in Romania

This year’s first issue of our newsletter, put together by our Bucharest Employment and Labour law team, provides an overview of the new updates on employee salary rights, namely:  the new level of the minimum gross basic salary in Romania; various fiscal facilities for employers and employees; the regulation of tips in the hotel and restaurant (“HORECA”) sector; the reflection of salary rights in the new framework model of the individual employment agreement; the EU Directive on adequate minimum wages in the European Union; the Court of Justice of the European Union (“CJEU”) ruling on the rights of workers to receive or to be reimbursed the value of eyeglasses for

Insights January 2023

Epidemiological alert for influenza (flu) in Romania

On 5 January 2023, Romania’s Ministry of Health issued an epidemiological alert for influenza (flu), following the entering into force of Instruction no. 161/2023 [1]. Why? This decision was taken given the increase of the number of influenza cases in Romania, which exceeds the average number of the previous five seasons. In this respect, the Ministry of Health issued a series of measures and recommendations for health units/hospitals, employers, educational institutions and the general population. While the preventive measures for health units and educational institutions are mandatory, the Ministry of Health issued only recommendations for employers and the general population. Thus, no direct

Insights January 2023

New law on the protection of whistle-blowers in the public interest in Romania

On 22 December 2022, a new law on the protection of whistle-blowers in the public interest entered into force in Romania. Law no. 361/2022 provides a number of directions for the regulation of reporting and imposes obligations on both public law entities (e.g., authorities, public institutions) and private law entities (e.g., limited liability companies, joint stock companies). Among the subjects: Who can report as a whistle-blower? What types of breaches can be reported? How and where to report? What are employers’ obligations? What are the main steps in adopting an internal reporting procedure? What sanctions do employers risk? Click here or on the image

Insights January 2023

NIS 2 Directive – What you need to know

On 27 December 2022, the Directive on “measures for a high common level of cybersecurity across the Union”, repealing Directive (EU) 2016/1148 (the “NIS 2 Directive”), was published in the Official Journal of the European Union. The NIS 2 Directive builds on a previous NIS Directive adopted in 2016 expanding its scope to other entities. Due to a rising number of cybersecurity incidents as well as ongoing increased digitalization, the aim of the NIS 2 Directive is to cover more economic sectors and to introduce additional security and reporting requirements across all EU Member States. Member States will have until 17 October 2024 to transpose the NIS 2 Directive into their national laws. Our specialists

Insights December 2022

End of UBO publicity?

As of 2020, European Union (“EU”) Member States are obliged to make details of ultimate beneficial owners (“UBOs”) of corporate and other legal entities available to the general public. However, in light of the recent decision of the Court of Justice of European Union (“the ECJ”), it is now questionable whether this obligation will remain. The requirement to make details of UBOs publicly available was introduced by Article 30 (5) of Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (“the AML Directive”). The Member States are entitled to restrict public availability of details on UBOs under the AML Directive in the

News November 2022

Kinstellar named Law Firm of the Year in Central Europe at The Lawyer European Awards ceremony

Kinstellar is pleased to announce that it has been named “2022 Law Firm of the Year: Central Europe” by the leading UK and European legal publication The Lawyer at its annual European Awards ceremony. Each year the awards celebrate excellence across the European legal market and recognise firms that have demonstrated outstanding achievements through their mandates, performance, impressive strategic growth and excellence in client service. Winners are chosen from among over 120 independent law firms headquartered in Europe and global firms across the continent. Kinstellar is also proud to have been shortlisted for the “Law Firm of the Year: South Eastern Europe” and ‘’Law Firm of the Year: Ukraine’’

Insights November 2022

New updates in employment and labour law in Romania

The November issue of our newsletter, put together by our Bucharest Employment and Labour law team, provides overview of new related regulations and developments in Romania, namely: new rules regarding the employment of foreign nationals in Romania; reinstating the obligation to draw up internal rules and job descriptions for all employers, regardless of their legal form; ECHR judgment in Moraru vs Romania case a height requirement in the recruitment process is discriminatory; online access for employees or former employees to data from the general register ofemployees; amendment of the amount of the unemployment allowance. Click on the image below to read the whole

Setting up November 2022

Setting up operations in Romania

December 2022 – Today’s uncertainties at the European Union’s eastern border have left companies questioning the safety of their people and the continuity of their operations in that part of the world. Businesses in the IT and BPO sectors that had found talent and growth opportunities in Ukraine and its neighbours are now rethinking their strategy and options to move operations across the border, either temporarily or permanently. Our team in Bucharest has prepared a quick overview of the most important aspects that you need to consider if you decide to move your operations to Romania. Download in English: Download in Ukrainian: