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Romania’s defence sector outlook – Overview of strategic, legal and financial developments
Romania is entering a new phase in the development of its defence and security sector. In this brochure, we provide an overview of the current strategic, legal, and financial developments driving Romania’s defence transformation, including insights into the National Defence Strategy for 2025–2030, the Security Action for Europe (SAFE) program, and key legislative updates such as Government Emergency Ordinance No. 62/2025. It also highlights key aspects of Romania’s defence procurement processes, industrial cooperation and opportunities for modernisation through innovation and investment, providing a clear picture of the country’s evolving defence landscape. Click on the image below or use this link to
A sector under the spotlight: what recent cases in Romania and at the EU level signal for pharma compliance
Competition and regulatory authorities across Europe are showing renewed vigilance toward the pharmaceutical sector—a field shaped by the intersection of competition law, regulatory frameworks, consumer protection, and IP. Recent cases illustrate that investigations in this area are increasingly complex and precedent driven, offering valuable guidance on how authorities assess commercial behaviour. Sun Wave Pharma case – the Romanian Competition Council unveils unfair competition practices In May 2025, the Romanian Competition Council (“RCC”) announced the conclusion of its investigation into Sun Wave Pharma S.R.L., a major player in the food supplements market in Romania. The inquiry focused on allegations
Regional Competition Law Update – Q3 2025
Kinstellar’s Competition & FDI team is pleased to present the Q3 2025 update to our Regional Competition Review. This latest edition provides a snapshot of recent enforcement activity, legislative changes, and emerging trends across Austria, Bulgaria, Croatia, Czech Republic, Romania, Turkey and Ukraine. Key highlights include the introduction of new “call-in” powers in Bulgaria, as well as proposed and newly implemented FDI regimes in Croatia and Ukraine, alongside a range of developments that are reshaping competition and FDI control across the region, such as: Austria – Enforcement and energy market focus Czech Republic – Merger remedies, sector inquiries, and cartel fines Romania
GDPR x AI: When privacy meets machine intelligence
As Europe moves ahead with the AI Act, the European Commission has made clear that there will be “no stop the clock, no grace period, and no pause”, despite calls from major tech players such as Google, Meta, Mistral, and ASML to delay implementation. The timeline remains firm: core provisions apply from February 2025, general-purpose model rules from August 2025, and high-risk AI obligations from August 2026. The message is clear: the Commission intends to keep its ambitious AI timeline on track, while it looks to streamline other digital obligations for companies. Against this backdrop, the GDPR may also be entering a new chapter. Nearly seven years after its adoption, a leaked draft of the Digital Omnibus package
Kinstellar advises Max Aicher Group on the sale of its property in the former CUG industrial estate in Cluj-Napoca to Hexagon Group
Kinstellar has advised Max Aicher Group, a leading German industrial group, on the sale of its property in the former industrial estate “Combinatul de Utilaj Greu” (“CUG”) in Cluj-Napoca, Romania—one of the largest sites of its kind in Romania—to Hexagon Group, a local real estate developer. The transaction involves the sale of approximately 23 hectares of industrial land. The property had been owned by a special purpose vehicle of Max Aicher Group. The acquisition marks one of the most significant land transactions in Cluj-Napoca in recent years and supports Hexagon’s urban regeneration strategy focused on redeveloping former industrial areas. The developer plans to transform the site into a modern
Stop-the-Clock directive: transposition progress in Central and Eastern Europe
The Stop-the-Clock Directive (Directive (EU) 2025/794), which postpones the application of certain provisions of the EU's Corporate Sustainability Reporting Directive (CSRD) and Corporate Sustainability Due Diligence Directive (CSDDD), giving companies breathing room and time to prepare for new sustainability reporting and due diligence requirements, is to be transposed by 31 December 2025. It has been gradually transposed across Central and Eastern Europe. Here’s a short overview of its transposition status: Country Status Austria Not yet transposed
Kinstellar advises Integral Capital Group on the acquisition of a majority stake in IVF clinic Calla, via its subsidiary Embryos
Kinstellar has advised Integral Capital Group, a leading private equity firm in Central and Eastern Europe, on the acquisition of a majority stake in Calla Clinic, an in vitro fertilization (IVF) clinic in Oradea, Romania, through its subsidiary Embryos. The acquisition is part of Embryos’ regional expansion strategy, which includes the opening of a satellite clinic in Buzau and the acquisition of Adella Clinic in Sofia, Bulgaria earlier this year. Integral Capital Group acquired a majority stake in Embryos in February 2025, enhancing the group’s position in the rapidly growing fertility services market in Romania and Southeast Europe. Calla Clinic has been operating in Oradea for over 13 years, offering a
EBA consults new SREP Guidelines: Revisions reflect regulatory developments, including DORA and ESG, as well as lessons learned
On 24 October 2025, the European Banking Authority (“EBA”) published a consultation paper on revised guidelines on common procedures and methodologies for the supervisory review and evaluation process (“SREP”) and supervisory stress testing (EBA/CP/2025/21). The consultation period will last three months, until 26 January 2026. The revised SREP Guidelines are expected to apply from 1 January 2027. New SREP Guidelines will integrate recent legislative changes and address lessons learned Since the issuance of the initial SREP Guidelines in 2014 and its subsequent revisions in 2017 and 2021, the European regulatory framework has significantly advanced. Mainly, the CRR III/CRD IV banking package, the Digital
EU adopts 19th sanctions package against Russia
On 23 October 2025, following a European Commission proposal issued on 19 September 2025 and extended negotiations among Member States, the Council of the EU adopted its 19th sanctions package against Russia in response to its ongoing aggression against Ukraine. The latest package reinforces existing restrictions targeting Russia’s military-industrial complex, energy sector and financial system, building on the measures introduced under the 18th package. It further strengthens the EU’s efforts to combat circumvention, including by designating additional entities and individuals located in third countries. In parallel, the EU has adopted additional sanctions against Belarus, including trade-related measures
AI awareness: Safeguarding your brand in an era of AI-generated content
The way we consume information is changing at an incredible pace, and we wanted to share a quick insight into a shift that may have real implications for your business. Recently, several clients have reached out to us with concerns about articles that are evidently AI-generated, potentially damaging their brand image and reputation. Unfortunately, this isn't an isolated issue, but it is part of a larger shift in the digital landscape. For the first time, more than half of all the visual and text-based content on the internet is now AI-generated. This means that the data your company relies on and the data it feeds into AI carries significant risks, demanding proactive strategies to remain compliant. What
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
EU FDI Screening: Insights from the Commission’s 5th Annual Report and what they mean for CEE
The European Commission published its fifth annual report on the screening of foreign direct investment (FDI) into the EU accompanied by a Staff Working Document. The report covers developments during 2024 and provides an overview of FDI screening across the EU, the evolution of national screening mechanisms, and emerging investment trends highlighting both the EU’s ongoing openness to foreign investors and its efforts to strengthen safeguards for security and public order. While the EU-27 continued to attract significant investment FDI inflows slowed in 2023 and 2024 due to a decline in greenfield investments, even as mergers and acquisitions began to recover unevenly across Member States and sectors. By the end of