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The 2013 Corruption Perceptions Index shows stagnation in CEE/SEE, Turkey and Central Asia
Transparency International (TI) recently released its Corruption Perceptions Index (CPI) for 2013. The results can be directly compared to last year’s but not earlier years’, as the methodology changed in 2012. Click here to see our comments on the 2012 CPI. Scores range between 1 - 100, from most to least corrupt. Although the index is an imperfect tool, it nonetheless is a good indicator of corruption perceptions, and the new methodology – based on raw scores from TI’s data sources – is expected to improve accuracy of the results. Overall, there is not much change from last year in our region of operation (CEE/SEE, Turkey and Central Asia) with most countries gaining or losing only one point as compared
Kinstellar named Turkish M&A Law Firm of the Year
Kinstellar was named Turkish M&A Law Firm of the Year for 2013 in the 7th annual Financial Times & Mergermarket European Awards. The gala awards dinner was held at The Savoy in London on 12 December 2013. The Mergermarket M&A Awards are the most prestigious awards for the M&A advisory community in Europe, the Middle East & Africa. Halide Çetinkaya-Yılmaz, partner in Kinstellar’s Istanbul office and head of Kinstellar’s Turkish M&A practice commented: “We are honoured by this recognition of our team’s remarkable progress in establishing Kinstellar’s place among the leading M&A firms in Turkey just three years after our opening.” Highlights in Turkey of Kinstellar’s
Kinstellar advises on the first PPP project bond for a Slovak issuer
Kinstellar has advised Vinci Concessions and Meridiam Infrastructure as sponsors and Granvia, a.s. as issuer, project company and concessionaire on the groundbreaking €1.24 billion refinancing of the R1 Expressway, Slovakia's first motorway established under a public-private partnership. This is one of the largest PPP project bonds ever brought to market, and it is the first project bond for a Slovak issuer. The refinancing will save the Slovak government more than EUR 100 million over the life of the project. The 51.6km expressway connects the cities of Nitra and Tekovské Nemce, and includes the northern bypass of Banská Bystrica. Deutsche Bank AG London Branch acted as sole arranger and global
New Hungarian Civil Code recognises the role of security agent
After more than 50 years, Hungary has a new Civil Code (“New Civil Code”), which will come into force as of 15 March 2014. The civil code revision initiative aimed to give Hungary a modern civil codex that satisfies vital social and economic needs and reflects established norms of a competitive Europe. The New Civil Code will introduce, inter alia, a completely new collateral regime, including the concept of the security agent/trustee (hereinafter together referred to as “security agent”). This article aims to address one particular achievement that has been long awaited and is very important in syndicated financings, namely the regulation of the role of the security agent. Since the first syndicated
Kinstellar hosts seminar on the new Hungarian Civil Code
Kinstellar’s Budapest office hosted a seminar on 21 November 2013 introducing in detail selected sections of the new Hungarian Civil Code, which is scheduled to take effect on 15 March 2014. Participants included more than 70 general counsel and in-house lawyers from mostly leading multinationals and virtually all major banks with a presence in Hungary, as well as industry associations such as the Hungarian Banking Association and the Association of Hungarian Mortgage Banks. Four lawyers from Kinstellar’s Budapest office gave presentations. Ákos Nagy, Associate introduced the structure and fundamental principles of the new Civil Code. Gábor Antal, Managing Associate spoke about selected novelties of the
Kinstellar marks its fifth anniversary
November 1st marks the fifth anniversary of the foundation of Kinstellar as an independent regional law firm by our spin-off from Linklaters. We launched Kinstellar aspiring to be the premiere independent law firm in our jurisdictions. Despite the global financial crisis – the outbreak of which coincided almost exactly with our launch – and in the face of the muted “new normal” business environment that has followed, we have done much that is exceptional, together. In five years, we have positioned ourselves among the leading law firms in our jurisdictions. Our Prague, Bratislava, Budapest and Bucharest offices have consistently maintained and bolstered their strong market positions and have strengthened
Regulation of crowdfunding in CEE
Kinstellar authored the Czech Republic, Hungary and Slovakia chapters of a new paper on crowdfunding recently published by the European Crowdfunding Network. The work, entitled Review of Crowdfunding Regulation. Interpretations of existing regulation concerning crowdfunding in Europe, North America and Israel, provides an overview of crowdfunding regulation in almost 30 countries. The Czech Republic, Hungary and Slovakia chapters offer a high level review of the current market and regulation of crowdfunding platforms – a practice still in its infancy in these jurisdictions – as well as the possible regulation of crowdfunding platforms under the Alternative Investment Fund Managers Directive, 2011/61/EU, which entered
The Essent case: Revisiting the boundaries of state intervention in the liberalised energy markets?
Given present changes in the European energy markets, in which governments of some Member States are taking an increasingly active role, the recent judgement of the Court of Justice of the European Union (the “ECJ”) in Staat der Nederlanden contra Essent NV, Essent Nederland BV, Eneco Holding NV and Delta NV (the “Essent Case”),* has great significance for private investors in the European electricity and gas markets. In the Essent Case, the ECJ examined more specifically the compatibility with European Union (“EU”) law of the following three prohibitions under Dutch law: The prohibition on the sale to private investors of shares held in electricity and gas distribution system operators
Implementing a BYOD scheme in Slovakia
The interest in BYOD (Bring Your Own Device to work) is growing. When an employer decides to allow its employees to use their private devices for work, he or she should be aware of all the issues that may arise. This article identifies how to implement BYOD rules in full compliance with Slovak law requirements. Employment policies vs. contract Provisions intended to be binding on the employee should be incorporated into both the employment contract and policies. The employment contract should contain the BYOD rules’ framework and confirm the employee’s consent, while the policies should provide a detailed synopsis of such rules. The Labour Code requires that employees be familiarised with the policies
Rethinking EU energy policy: The new Commission Communication on public intervention in the EU electricity market
Further to the European Council’s energy market conclusions in May 2013 (which we reported in one of our previous newsletters) and to the European Commission’s previous conclusions on the internal energy market, the Commission published a new Communication on 5 November 2013 entitled ''Delivering the internal electricity market and making the most of public intervention'' – which may indicate the dawn of a new era in EU energy policy. We highlight the key conclusions of the European Commission’s Communication in the latest edition of our Energy Law Newsletter, available here. For more information contact Kristóf Ferenczi, Partner and Head of Kinstellar's Energy practice, at kristof.ferenczi@kinstella
Regulation of crowdfunding in the Czech Republic, Hungary and Slovakia
Kinstellar authored the Czech Republic, Hungary and Slovakia chapters of a new paper on crowdfunding recently published by the European Crowdfunding Network. The work, entitled Review of Crowdfunding Regulation. Interpretations of existing regulation concerning crowdfunding in Europe, North America and Israel, provides an overview of crowdfunding regulation in almost 30 countries. The Czech Republic, Hungary and Slovakia chapters offer a high level review of the current market and regulation of crowdfunding platforms – a practice still in its infancy in these jurisdictions – as well as the possible regulation of crowdfunding platforms under the Alternative Investment Fund Managers Directive, 2011/61/EU
Kinstellar Energy Law Update - A period of change in Emerging Europe and Central Asia’s energy sector
Kinstellar is launching this month its Energy Law Update, which aims at providing a timely overview of recent developments in energy policy and energy market regulation in Central, Eastern and Southern Europe, Turkey and Central Asia. Content is contributed by Kinstellar’s energy law experts in the Czech Republic, Hungary, Kazakhstan, Romania, Serbia, Slovakia and Turkey. In addition to regulatory updates, reports on market and legislative developments, our Energy Law Update also presents our experts’ views gained from their deep knowledge of the energy markets in Emerging Europe and Central Asia. As such, it has an element of subjectivity – which we hope will make it an interesting read. The first issue