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News December 2023

Kristóf Ferenczi is appointed Firm Managing Partner of Kinstellar

Kinstellar is delighted to announce that Kristóf Ferenczi has been appointed as new Firm Managing Partner effective from 1 January 2024. He will succeed Patrik Bolf, who will take on a new position within the Firm focusing on certain firm-wide projects, after having spent a very successful six years in the role. Kristóf Ferenczi has extensive executive management experience having served on Kinstellar’s Firm Management Committee since 2018 and as the Managing Partner of the Firm’s Budapest office. With over 20 years of experience, Kristóf has been with Kinstellar since the Firm’s foundation 15 years ago, and prior to that with Linklaters and DLA Piper. Kristóf is a very well-regarded energy sector specialist

Insights December 2023

Update on the Advertising Regulatory Landscape in Ukraine

Amendments to Law of Ukraine on Advertising No. 270/96-ВР of 3 July 1996 have recently come into force. The amendments update obsolete regulations on advertising in Ukraine, thus ensuring advertising standards correspond to current technological developments. Click on one of the images below or click on the following links to read the overview in English or in Ukrainian. Download in English: Download in Ukrainian:

Insights October 2023

Cannabis use: CEE regulatory update

Significant changes in the regulation of cannabis use have occurred in some countries in Central and Eastern Europe since our last report. In addition to a number of countries gradually legalising the use of cannabis for medical purposes, increasing efforts by some countries are being seen to also legalise the use of cannabis for recreational use, as well as the use of other products containing various cannabinoids, most importantly cannabidiol (CBD). Click here to read a summary of recent changes related to the national regulation of this rapidly growing sector across Central and Eastern Europe. For any other details or information, please contact Tomáš Čihula, Partner. Contributors:

Insights October 2023

Ukrainian competition law reform to kick of in 2024

On 1 January 2024, Law of Ukraine No. 3295-IX (Law), aimed at strengthening the powers of the Antimonopoly Committee of Ukraine (AMC) and overhauling Ukrainian competition laws by aligning them more closely with European Union standards, will come into force. The most notable changes include an improved leniency policy, the introduction of a settlement procedure for cartels and abuse of dominance cases, clear deadlines for AMC investigations, and enhanced controls over concentrations, including updated filing thresholds. Click on one of the images below or click on the following links to read the overview in English or in Ukrainian. Download in English: Download in Ukrainian:

Insights August 2023

Long-awaited changes to the competition law in Ukraine

Yesterday, 9 August 2023, the Ukrainian parliament adopted long-awaited amendments to the country’s competition law (the "Amendments"), which is the first step towards an extensive overhaul of Ukraine’s antitrust and merger control rules. The Amendments are pending the signature of the president and are expected to come into force on 1 January 2024 (except for certain provisions, which will take effect after the cancellation of martial law). Although the final text of the Amendments is not yet available, it has been reported that the key changes are aimed at: i) the implementation of additional antitrust rules to boost the leniency program in Ukraine, ii) the introduction of the concept of the infringer’s joint and

Deals August 2023

Kinstellar advises YouGov on the acquisition of GfK's consumer panel business

Kinstellar, in conjunction with DLA Piper, has advised international online research data and analytics technology group YouGov plc on the acquisition of the European Consumer Panel Business of GfK, a German market research firm, for EUR 315 million. Listed on the London Stock Exchange, YouGov has one of the world's largest research networks. Its products and services draw upon a detailed understanding of more than 24+ million registered individuals to deliver accurate, actionable consumer insights. GfK CP compasses over 100,000 households with panels across 16 European countries collecting and providing data on household purchases and insights intо the FMCG sector. The acquisition is subject to customary closing

Insights August 2023

Ukraine Parliament mandates electronic presence for court proceedings

The Ukrainian parliament has passed the Law “On Amendments to Certain Legislative Acts of Ukraine Concerning Mandatory Registration and Use of Electronic Offices in the Unified Judicial Information and Telecommunication System or Its Separate Subsystem (Module) that Ensures Document Exchange”. The law is due to take effect on 18 October 2023. The Law mandates that each participant in court proceedings in Ukraine register their electronic presence in the system by opening their respective electronic office within it.  The principal purpose of this new requirement is to ensure the quick, flawless and guaranteed exchange of procedural documents among all participants in court proceedings in Ukraine. Key provisions

Insights June 2023

Currency restrictions in Ukraine: Changes to the rules for external debt financing

Following the outbreak of the full-scale Russian invasion, the National Bank of Ukraine (NBU) implemented temporary restrictions on cross-border foreign currency transactions. These restrictions were outlined in Resolution No. 18 of the NBU Board "On the Operation of the Banking System during the Period of Martial Law" (NBU Resolution No. 18). NBU Resolution No. 18 established an exclusive list of cross-border foreign currency transactions permitted during the martial law period. In late June 2023, the NBU took significant steps to expand the capacity of Ukrainian businesses to attract and service external loans and borrowings. This newsletter provides an overview of the provisions outlined in NBU Resolution No. 18 concerning

Insights June 2023

Ukraine resumes large-scale privatisations

On 20 June 2023, President of Ukraine Volodymyr Zelenskyy signed Draft Law No. 8250 amending, among others, the Law of Ukraine “On the Privatisation of State and Municipal Property” (Law), signalling that Ukraine has once again set a course for large-scale privatisations. This time, however, the search for investors in large state-owned enterprises (SOEs) comes from the on-going war and mounting budget deficit.  The Law unblocks the sale of SOEs with book value of over UAH 250 million (approx. USD 6.76 million). It enables the State Property Fund of Ukraine (SPFU) to impose post-privatisation obligations on investors in large SOEs, including maintaining the SOE's core business and paying off wage and tax arrears. The

Insights June 2023

Ukraine increases transparency in the international arena and implements CRS

The exchange of information upon request between tax authorities is an important means of promoting transparency and allows tax authorities to obtain information necessary to ensure compliance with tax laws. Ukraine is a party to various international legal instruments under which information may be provided by one country to another. In this regard, Ukraine has recently become a party to the exchange of financial information under the Common Reporting Standard. Click on one of the images below or click on the following links to read the overview in English or in Ukrainian. Download in English: Download in Ukrainian:

Insights May 2023

Council of Europe Summit creates the International Register of Damage Caused by the Russian Aggression against Ukraine

The Council of Europe announced the establishment of the Register of Damage Caused by the Aggression of the Russian Federation against Ukraine through an Enlarged Partial Agreement dated 12 May 2023. The Register is signed by 43 member states of the Council of Europe and representatives of the European Union, the USA, Canada, and Japan. Click on one of the images below or click on the following links to read in English or in Ukrainian. Download in English: Download in Ukrainian:

Deals May 2023

Kinstellar advises Rheinmetall on the cooperation agreement with Ukraine’s state-owned defence industry concern, Ukroboronprom

Kinstellar is proud to have advised Rheinmetall on the signing of a cooperation agreement with Ukraine’s state-owned defence industry concern, Ukroboronprom.  The two major defence manufacturers intend to create joint capabilities domiciled in Ukraine through setting up a joint venture, which is expected to be operational from mid-July 2023. Starting with the maintenance of military vehicles, the parties plan to move to the transfer of technology, joint production of selected Rheinmetall products in Ukraine, to potentially joint development of military systems, including for subsequent export from Ukraine. The entrance of Rheinmetall marks a new exciting chapter in the development of Ukraine’s defence industries