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The problem with Dynamic Currency Conversion (DCC)
If a German tourist withdraws cash from an ATM in Prague, the ATM screen may display a choice whether the tourist’s euro account should be charged in the currency of their account (i.e., euro), or in the local currency – Czech koruna. If the tourist chooses the latter, they opt for the so-called Dynamic Currency Conversion (DCC) service. DCC is a service enabling instant currency conversions for card-based transactions. DCC was introduced in 1996 to allow cardholders to pay in their home currency when making payments in foreign currencies. This can be either an ATM withdrawal or a card payment at a point-of-sale (POS) terminal in a foreign country. By using the DCC service, the amount of the transaction in the local
Kinstellar advises Genesis Capital and Integral Venture Partners on the acquisition of BORCAD
Kinstellar has successfully advised Genesis Private Equity Fund IV (GPEF IV), the newest private equity fund of Genesis Capital, and Evolving Europe Principal Investments I (EEPI I), a private equity and growth capital fund advised by Integral Venture Partners, on its acquisition of BORCAD, an innovative producer of train seats and interior equipment for passenger trains based in Fryčovice, Czech Republic. BORCAD is a leading European producer of railway technologies and offers a full range of seats for personal carriages, from standard seats for regional trains to luxury, fully electrically operated seats for long-distance trains. In its more than 30-year history, the company has produced nearly 500,000 seats for
Czech Republic approves ban and restrictions on selected plastics
The Czech Republic has adopted legislation on reducing the environmental impact of selected plastic products (along with another act amending existing regulations). The respective acts introduce several types of measures – in particular a complete ban on certain single-use plastic items and restrictions on the production of other plastic products; or granting financial support to municipalities. The acts implement the EU’s Directive on single-use plastics – albeit more than one year late. The new laws enter into force on 1 October 2022; but the various obligations become effective as of 1 January 2023, or 1 January 2024, or 1 July 2024, respectively – or, in some cases, even later, such as in 2030. Please
Kinstellar advises Helaba on a financing for the historic “NR7” building in central Prague
Kinstellar has successfully advised the German lender Helaba on the provision of a refurbishment and long-term financing to the Czech developer Crestyl for the revitalisation of the historic “NR7” building in Prague’s city centre. Kinstellar advised Helaba in relation to the renovation and long-term financing of the historic, mixed-use NR7 building, originally constructed in 1905. The landmark property, with a total area of approx. 5,600 sqm, is located at the heart of Prague’s historic city centre on Namesti Republiky (Republic Square) opposite the Palladium shopping centre and offers excellent visibility in an area characterised by good retail, office, hotel and downtown residential locations. NR7 benefits
Kinstellar advises Yoummday on its acquisition of ICON Communications Centres
Kinstellar has successfully advised Yoummday, a Munich-based start-up offering job opportunities for a new generation workers via a work-at-home operating system, on the acquisition of ICON Communications Centres. ICON Communication Centres is a multilingual BPO and call centre specialising in inside sales and account management customer experiences for B2B and B2C brands. ICON’s solutions harness a combination of cutting-edge technology and A-player human resource management to deliver high-touch, high-value customer interactions in 30 languages at a native level. Kinstellar advised Yoummday throughout the entire transaction, including on the due diligence process, negotiation of transaction documents and advice
Kinstellar contributes to the Clean Energy Tool launched by Simmons & Simmons
Kinstellar is honoured and delighted to have contributed, as exclusive authors, to the Czech, Hungarian and Kazakhstan sections of the Clean Energy Tool launched by international law firm Simmons & Simmons. The Clean Energy Tool provides reliable, consistent and easy-to-manage information to support investments in clean energy projects around the world. It gives investors online access to important legal and regulatory information concerning renewable energy projects. The tool is constantly expanding and already covers 44 jurisdictions. Information is developed in collaboration with premiere local counsel selected by Simmons & Simmons from across Africa, Asia, Europe, Latin America, Australia and the Middle East.
The Digital Services Act – an overview of the new online intermediary liability rules
An intense effort to agree on unified directly applicable European rules for digital services is finally yielding results. On 5 July 2022, almost two years after their introduction by the European Commission, the European Parliament adopted in the first reading the Digital Services Act (DSA) and Digital Markets Act (DMA), following an earlier deal reached between the Parliament and the Council of the European Union on 23 April and 24 March 2022, respectively. Both the DSA and DMA are landmark rules with the potential to fundamentally change the way digital services are provided within the European Union (EU). In this installment, we look at the DSA, which updates the rules for online intermediary liability 20 years on from
Kinstellar hosts webinar on current developments in the CEE life sciences & healthcare sector
On 14 June 2022, Kinstellar hosted a webinar centred on current developments in the life sciences & healthcare sector across Central and Eastern Europe. We covered some of the most relevant and pressing topics currently impacting the life sciences & healthcare landscape, including (i) sector inquiries by local competition authorities in the area of life sciences; (ii) price reduction announcements and their relevance for the CEE pharma sector; and (iii) legal challenges on the use of artificial intelligence across the life sciences industry. Presentations were made by Tomáš Čihula, Eszter Takácsi-Nagy, Péter Vörös and Petr Bratský. Below we provide a brief summary: Sector inquiries
Czech Cyber Security Agency Issues Warning on Use of Smart Meters from Non-EU/NATO Countries
On Monday, May 30, the Czech National Cyber and Information Security Agency (NÚKIB) issued a fresh warning on potential cybersecurity threats stemming from the use of energy-related technical or software smart metering tools (i.e. smart meters) that do not come from countries deemed to have “trustworthy” legal environments (report available in English here). Assessing the most recent risk to be “High” the NÚKIB’s warning called on so-called obligated entities to “immediately start preparatory work to deploy technology enabling the required level of direct metering,” – meaning types B, C1, C2 or C3, as per the Czech government’s Decree No. 359/2020, on electricity metering. The NÚKIB utilised an existing
Misinformation in cyberspace
Since the war in Ukraine became the main subject of newspaper headlines, the amount of related misinformation spread online has reached new heights. As a result, several governments have adopted legislation that provides tools to combat the spread of misinformation. Below is an overview of legislation used to combat misinformation in the Central and Eastern Europe and Central Asia regions: Bulgaria It is worth noting that on 1 March 2022 the Bulgarian electronic media watchdog decided to suspend the distribution of TV channels “Russia Today” and “Sputnik” in line with the EU response to Russian military activity in Ukraine.
Kinstellar expands its Technology, Media and Telecoms (TMT) service line in the Czech Republic
Kinstellar is pleased to announce that Petr Bratský has joined the firm’s Prague office as Head of the local TMT sector and service line. His addition to the firm strengthens our expertise in the TMT area. Petr is an expert in IP/IT/Media and Telecommunications. Before joining Kinstellar, Petr worked more than five years at the leading Czech law firm Havel & Partners. In his practice, he focuses primarily on technology, intellectual property, media and film law and legislative advice. Petr also provides strategic and ad hoc compliance advice on the handling of personal data in various commercial sectors. His expertise includes advising major local and international clients from across different industries
International sanctions – direct impact on individuals and businesses in the Czech Republic
In response to Russia’s ongoing invasion of Ukraine, the European Union continues (along with other countries) to announce additional sanctions against the Russian Federation and Belarus. Presently, sanctions include, inter alia, bans on the export and import of certain types of goods, doing business with sanctioned individuals and companies and restrictions on new investment activities in Russia. The consequences of non-compliance with sanctions prohibitions are particularly severe, and include fines of up to CZK 50,000,000 per individual breach. Moreover, the willful breaching of sanctions may qualify as a criminal offence (by both the offending company and also the respective personnel involved) and thus be subject