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Hungarian parliament adopts new Whistleblowing Act
The Hungarian parliament has adopted a new law implementing the EU directive on the mandatory protection of (even anonymous) whistleblowers, which in many respects imposes stricter rules on companies and puts whistleblowers in a more favourable position. The new law, which repeals the previous rules on complaints and whistleblowing, poses significant challenges to most of the companies concerned; however, it is also in the interest of the companies to have an efficient whistleblowing system, as management may obtain information from whistleblowers and correct underlying problems that could result in serious sanctions for the company if detected by authorities, or the correction could serve to increase operational efficiency. Below
Kinstellar announces new promotions to Partner and Counsel
Kinstellar is delighted and proud to announce the promotions to Partner of Tomáš Melišek (Bratislava), Levente Hegedűs (Budapest), Bulut Girgin (Istanbul), Anastasiya Bolkhovitinova, Natalia Kirichenko, Oleg Matiusha, Illya Muchnyk (all in our Kyiv office), and to Counsel of Dominika Bajzáthová (Bratislava). PARTNERS Tomá š Melišek, Bratislava Tomáš is the Head of the local Banking & Finance service line. He has 15 years of experience in banking and finance, focusing on project and acquisition financing as well as on financial regulations. Tomáš has substantial experience advising clients on significant financing transactions in the areas of real estate, energy, infrastructure, automotive, media
Loot boxes – still a mystery in CEE?
The recent resolution of the European Parliament on video games calls on the European Commission to take the necessary steps to bring about a European approach to loot boxes which could lead to more restrictive regulation. Kinstellar’s TMT team looked into the national framework for loot boxes in Bulgaria, Croatia, Czech Republic, Hungary, Romania, Serbia, Slovakia, Turkey, Ukraine to conclude that, while no specific local laws exist, the developments around gambling regulation should be monitored, as loot boxes have already been discussed in the context of national rules on gambling in some countries. Click on this link or the image below to read below on overview prepared by our TMT experts in each jurisdiction.
Current eHealth trends in CEE and Turkey
The healthcare industry in Central and Eastern Europe and Turkey is undergoing a digital transformation, with telemedicine at the forefront. Governments and healthcare providers are adopting digital solutions to improve medical services and support healthcare system digitization, which can increase efficiency, reduce costs, and improve access to healthcare. Click on this link or the image below to read the overview put together by a team of our experts led by Partner Tomáš Čihula.
EUIPO offers SMEs trade mark and design grants of up to EUR 1,350
The European Commission and European Intellectual Property Office (“EUIPO”) have launched a small and medium sized business fund (SME Fund) to provide reimbursement for trademark and design application fees and pre diagnostic services. The grant scheme, designed to encourage SMEs to expand their IP portfolios, has a budget of EUR 25 million, available on a first come, first serve basis. The submission period for applications runs from 23 January to 8 December 2023. Read more in the brochure below: Download in English: In case of any questions with respect to the above, our specialists
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:
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.
Amended FDI rules in Hungary
On 23 December 2022 the Hungarian Government adopted a New FDI Government Decree. The main changes as well as other several technical clarifications and modifications are set out in our overview below written by Péter Vörös (Partner) and László Palócz (Senior Associate). Click on the image below to read the whole newsletter.
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
Hungarian Competition Act amended effective the start of January
The Hungarian Competition Act (Act LVII of 1996 on the Prohibition of Unfair Market Conduct and Restriction of Competition) was amended effective 1 January. Below we provide a brief summary of the most significant changes. Increased merger control thresholds The Competition Act sets a dual turnover threshold to determine which transactions must be notified. These have all been increased, and from 1 January, only those concentrations must be notified where, in the last financial year for which a financial statement has been approved, the combined net turnover of all the groups of undertakings concerned (and their joint ventures, proportionately) exceeds HUF 20 billion (EUR 50 million) instead of HUF
Kinstellar appoints new Service Line Heads
Kinstellar is delighted to announce the appointments of new service line heads. Jan Juroška, a Partner in the Prague office, is the firm-wide Co-Head of M&A, Corporate & Private Equity. Jan has over 15 years of experience advising both local and international clients on a wide range of commercial matters and corporate transactions. Jan specialises in all aspects of corporate law, in particular M&A (including M&A real estate), private equity, joint ventures and employment. Jan is ranked by Chambers Europe and Legal 500 2022 editions, based on excellent client feedback, one stating that ''he knows the business needs of the clients and is very solution and target-oriented''. Edmund Emre Özer, a Partner
Kinstellar advises S IMMO AG on the expansion of its office portfolio in Budapest
Kinstellar is delighted to announce that it has once again successfully advised S Immo AG, a leading Vienna-listed real estate investor and developer, on the acquisition of six office properties in Budapest, from Immofinanz AG. The acquisition includes the following six buildings comprising around 124,000 m² of main usable space: Thirteen Globe, Thirteen Xenter, Greenpoint 7, Atrium Park, Haller Gardens and Szepvölgyi Business Park. Most of the properties are located in the strong office submarkets "Vaci Corridor" and "Central Pest". The purchase price is based on the valuation of the property portfolio carried out by an external expert with a value of EUR 244.1 million as of 22 December 2022. The acquisition