NEWS & INSIGHTS
Up-to-date.

  • Home
  • News & Insights

SEARCH BY

LATEST

Insights June 2022

“Buy Now, Pay Later” solutions on the rise – regulatory aspects in Bulgaria

The rapid growth of online shopping as a result of the COVID-19 pandemic has led to an increased demand for different payment options for consumers at the checkout. One such option that is increasingly popular with consumers is the “buy now, pay later” (“BNPL”) solution. The hot trend in consumer credit BNPL allows consumers to defer the payment of the product and repay the purchase price in several instalments over a certain period of time, usually at no interest. BNPL is also a palatable option for merchants, as it gives them another avenue to generate sales by providing consumers an accessible opportunity to acquire products on credit. Such manageable payment options are also likely to strengthen consumer

Insights June 2022

Bulgaria: Director duties and ESG considerations

Bulgarian law requires that the directors of Bulgarian joint-stock companies perform their functions as directors by adhering to the “duty of care” standard of a prudent businessperson and always in the interest of the company and its shareholders. If a director fails to comply, they could be held liable for any damages caused to the company. The required duty of care standard is not easily reconciled with the current shift in corporate governance towards compliance with material ESG factors. While important for all stakeholders (e.g., employees, customers, vendors, and the communities where the company operates), ESG compliance could trigger additional financial costs and potentially be an obstacle to maximising profits.

News June 2022

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

Insights May 2022

Transposition of New Deal for Consumers (Omnibus Directive, SGD, DCD)

Nearly a year has passed since the lapse of the transposition period for the Digital Content Directive and the Sale of Goods Directive, which brought important changes to national consumer protection rules. However, many jurisdictions still have not implemented the Directives. We are closely monitoring the implementation process in our EU jurisdictions. Below is an overview of the implementation status of the Directives in the remaining EU Member States where Kinstellar operates that have not yet implemented the Directivesand a brief summary of the main changes and the expected country-specific implications for business. In addition, we bring you information from several non-EU countries that have taken inspiration from the

Insights May 2022

Cookies: New Legislation

With France and Austria deciding on data protection issues in relation to Google Analytics, many more countries have followed suit in relevant changes to so-called web browser cookies. In order to limit the amount and quality of data retrieved by providers from users, mainly without them realising the true scope of this data and the use of such data by providers, legislators are passing stricter rules on data collection. Below is an overview of new legislation adopted to combat the extensive collection and usage of user data: Bulgaria The current legislative environment provides a more relaxed opt-out model of user consent regarding the use of cookies.

Insights May 2022

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.

Insights May 2022

Cybersecurity in Emerging Europe and Central Asia

With the invasion of Ukraine and a substantial increase in cyberattacks on governments, critical infrastructure and other strategic targets, the topic of cybersecurity has gained even more importance. Below is an overview of the steps that national security authorities have taken to strengthen national security. Bulgaria On 24 November 2021, the Bulgarian government designated the State e-Government Agency as a national coordination centre for the purposes of Regulation (EU) 2021/887. The establishment of the coordination centre is expected to contribute to achieving a high level of network and information security, thus boosting the standards and

Insights April 2022

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.

News April 2022

Kinstellar partners Csilla Andrékó, Diana Dimova, Nina Tsifudina named among IFLR1000 Women Leaders in 2022

Kinstellar is delighted to announce that Csilla Andrékó (Partner in the Budapest office, and head of the firm-wide Banking & Finance service), Diana Dimova (Managing Partner of the Sofia office), and Nina Tsifudina (Partner in the Sofia office) have been recognised among the most prominent women lawyers across the world by the prestigious IFLR1000 “Women Leaders” 2022 ranking. Csilla, Diana and Nina were selected for their outstanding reputations within their markets, impressive track records working on complex deals, the quality of their advice and service, and their leadership roles with their practices. It is the third consecutive year for Diana, the fifth for Csilla, and the first that Nina has received this

News April 2022

Kinstellar wins three “Deals of the Year” at CEE Legal Matters Awards

Kinstellar is honoured to have received three “Deal of the Year” awards at the 2021 CEE Legal Matters Deal of the Year Awards.   CEE Legal Matters has recognised the outstanding work of our teams advising on: ⭐ Bulgaria: KBC Bank’s acquisition of Raiffeisenbank Bulgaria.⭐ Hungary: MVM Energia’s acquisition of companies and assets from E.ON Hungary.⭐ Montenegro: 4iG’s acquisit ion of Telenor Montenegro (a transaction coordinated by our Budapest and Belgrade teams with local counsel in Montenegro).Kinstellar was also shortlisted for advising on:⭐ Bulgaria: DZI-Life Insurance’s acquisition of NN Group’s Bulgarian pension and life insurance businesses.⭐ Turkey: Trendyol financing, creating

Insights March 2022

Setting up operations in Bulgaria

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 Sofia has prepared a quick overview of the most important aspects that you need to consider if you decide to move your operations to Bulgaria. Download and read here:  

News March 2022

Kinstellar announces new promotions to Partner and Counsel

Kinstellar is delighted to announce the promotions to Partner of Nina Tsifudina (Sofia) and to Counsel of Atanas Mihaylov (Sofia). PARTNER Nina Tsifudina, Sofia Nina has over 14 years of experience advising on large international transactions. She is counsel to local and multinational companies on a wide range of commercial matters and cross-border deals, reorganisations and market-entry strategies, with a focus on the TMT, pharma and financial services sectors. She also represents private equity and venture capital firms on acquisitions, disposals and restructurings, as well as portfolio companies on all corporate matters. Nina is highly experienced in all employment aspects of multi-jurisdictional