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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
Data Privacy Concerns in the Metaverse. May the privacy be with us!
All of us have concerns regarding data privacy in the metaverse. Countless questions come to mind, such as: What is the metaverse? Can a digital personality be considered as personal data? What happens if digital data is processed? In this short article we touch on the metaverse’s main data privacy concerns. What is the metaverse? The metaverse is a virtual world that relies on multiple technologies such as virtual reality, blockchain, artificial intelligence, etc. There is no longer just one world like the real world anymore. A new virtual-world era has begun with the advent of different metaverses such as Horizon, Decentraland, Sandbox, and Upland, and it appears that their number will continue to increase.
Setting up operations in the Czech Republic
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 countries such as Ukraine and Moldova are now rethinking their strategy and options to move operations across the border, either temporarily or permanently. Our team in Prague has prepared a quick overview of the most important aspects that you need to consider if you decide to move your operations to the Czech Republic. Download and read here:
Kinstellar advises 365.invest on its real estate portfolio expansion in the Czech Republic
Kinstellar has successfully advised the investment fund 365.invest on its acquisition from CPI Property Group of three shopping centre projects in the Czech Republic. The shopping centres involved are IGY České Budějovice, OC Géčko and Shopping Center City Park Jihlava. The deal is one of the largest transactions of its kind on the Czech-Slovak market. Kinstellar advised on due diligence and negotiation of transaction documentation. The Kinstellar team was led by Partner Jan Juroška and included Michal Kníž (Managing Associate), Markéta Škvorová (Associate) and Denisa Šimanská (Junior Associate). For more information please contact Jan Juroška, Partner, at
Open Banking in Europe in Light of PSD2 Review
Open banking is changing the way people use banking services in the modern world. Europe prides itself on being the cradle of the open banking revolution, with the EU’s Payment Services Directive[1] (PSD2) being one of the first regulatory initiatives to open up bank-held account data. PSD2 has been in force now for more than four years and has already reshaped the European payments sector. The ongoing review of PSD2 brings an opportunity to assess the current status of open banking in Europe as well as the impact of the directive on the sector. Open banking is the practice of enabling secure interoperability in the banking industry by allowing third-party providers (TPPs) to access payment transactions and other data
Update of current eHealth trends in CEE and Turkey
As previously reported, eHealth (including telemedicine) has been one of the fastest growing areas within the healthcare sector over the last two years. Governments as well as healthcare sector operators across Central and Eastern Europe and Turkey continue to implement new solutions with a view to improving the provision of healthcare services and to enhance the digitalization of healthcare systems. Private healthcare providers and the various newly created eHealth providers and start-ups are crucial in pushing development in this highly dynamic area. Innovative solutions include online consultations and health examinations, the possibility of remote patient health data monitoring as well as electronic drug prescriptions.
Kinstellar advises Portiva on its CZK 1 billion acquisition of the SmichOff office building in Prague
Kinstellar has successfully advised the Brno-based investor Portiva on its acquisition of SmichOff—a state-of-the-art office building completed in 2019 in Prague’s 5th district—from the building’s developer, Penta Real Estate. SmichOff was designed by Bogle Architects and achieved a LEED Gold certificate. The value of the deal exceeded CZK 1 billion. The building offers over 10,000 sqm of office premises and its main tenants include Spaces (which operates one of its co-working centres in the popular office district), Beat Games (part of the Facebook group), Jägermeister and Otis. Kinstellar advised on due diligence, the negotiation of transaction documentation, and in connection with financing.
Kinstellar advises Vista Equity Partners on its acquisition of Citrix Systems
Kinstellar has successfully advised Vista Equity Partners, a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, on its acquisition of Citrix Systems, Inc. (NASDAQ: CTXS) for approximately USD 16.5 billion. Citrix builds secure, unified digital workspace technologies that help organizations unlock human potential and deliver a consistent workspace experience wherever work needs to get done. Kinstellar advised with respect to the Czech subsidiary of Citrix Systems, Inc., Citrix Systems Czech Republic s.r.o., on the due diligence and regulatory issues. Kinstellar also provided a detailed foreign direct investment (FDI) analysis for the envisaged acquisition.