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Kinstellar Bulgaria: Banking, Finance & Capital Markets briefing
Kinstellar routinely monitors developments in finance, commercial, and contract law and in key regulatory areas relevant for financial institutions in Bulgaria in order to provide the most up-to-date information to our clients operating in or considering investments in the country. With this briefing, we will regularly update you on key developments in Bulgarian legislation, case law, and our Banking, Finance & Capital Markets practice. Please feel free to contact us if you have a topic that you would like us to cover. Update on draft legislation in Bulgaria Limitations on bank fees and commissions A draft bill seeks to amend the Credit Institutions Act by instituting caps on fees
Dive into the latest competition law updates in Romania
In the first quarter of 2025, the Romanian Competition Council (“RCC”) published several significant decisions, launched new investigations, and imposed fines in cases involving abuse of dominant position, price coordination, and other anticompetitive practices. 1. New FDI Guidelines In February the RCC published the draft FDI guidelines (the “Guidelines”), which were up for public consultation until mid-March. The Guidelines aim to clarify the method for the calculation of the investment value in different types of transactions, such as share deals, share capital contributions, multi-jurisdictional transactions, or in case of a loan or financing by an investor. Furthermore, the Guidelines clarify
Changes and clarifications regarding construction tax in Romania
On 4 April 2025, Romania government Emergency Ordinance no. 21/2025 ("the GEO") was published and entered into force, introducing several important amendments and clarifications regarding the recently enacted construction tax. We summarise the main provisions below. Reduction of the tax rate: The construction tax rate has been decreased from 1% to 0.5%. Tax base clarification: It is now explicitly clarified that the 0.5% tax applies to the net book value of constructions. New separate tax (0.25%): A separate tax of 0.25% has been introduced for buildings belonging to the public or private domains of state or administrative-territorial units that are utilised based on contracts, agreements, or legal
New opportunities in biogas and biomethane production in Hungary
Sustainable energy production is playing an increasingly significant role in Hungary’s energy policy. As part of this initiative, the Hungarian government’s recently launched Jedlik Ányos Energy Program plans to support a total of ten projects with a focus on investments in biogas and biomethane production. A draft tender related to biogas and biomethane production has been published for public consultation. The program will allocate a total of HUF 40 billion (approximately EUR 100 million) to cover the entire process—from raw material collection to the further utilisation of residues and by-products—including infrastructure investments and equipment procurement. Out of this total, HUF 18 billion is to be designated
Kinstellar advises JSC Kaspi.kz on landmark USD 650 million Eurobond issuance
Kinstellar is pleased to have acted as Kazakhstan counsel to JSC Kaspi.kz in its successful debut bond issuance, raising USD 650 million through 6.250% senior unsecured notes due in 2030. This marks the largest investment-grade bond issuance by a private Kazakhstani company, reflecting Kaspi.kz’s strong market position and the growing appeal of Kazakhstan as an investment destination. The bonds, which garnered significant interest from investors across the US, Europe, and Asia, are listed on the London Stock Exchange and the Astana International Exchange. The funds raised will support Kaspi.kz’s ongoing business development and enhance its digital services, reinforcing its leadership in the fintech and e-commerce sectors.
Kinstellar advises Blue Sea Capital on the sale of MediGroup Serbia to Mehiläinen Group
Kinstellar is pleased to announce that it has advised Blue Sea Capital on the sale of MediGroup, Serbia’s largest private healthcare provider, to Mehiläinen Group, Finland’s largest private healthcare provider. The transaction forms part of a broader regional deal involving the Regina Maria Group, MidEuropa’s healthcare services platform in Central and Eastern Europe. Blue Sea Capital is an independent private equity firm with offices in Belgrade and Zagreb, focusing on small and medium-sized enterprises in the region. MediGroup is the largest private healthcare provider in Serbia, offering a wide range of services, including inpatient and outpatient care, laboratory diagnostics, IVF, maternity, and ophthalmology.
Important notice to our Clients and Contacts: Beware of impersonation emails
2 April 2025 – It has come to our attention that some companies in Hungary have received unauthorised fraudulent emails falsely claiming to originate from Kinstellar’s Budapest office. Th is appears to be part of an illegal scam (fraudulent impersonation) campaign. We assure you that these fraudulent emails did not come from our official Kinstellar domain and have nothing to do with our Firm. Our IT and Risk & Compliance teams are giving this matter their highest priority and are actively investigating the issue. We are bringing this matter to the relevant authorities. Importantly, this illegal scam campaign appears to have been sent from various email accounts. Please verify the
Dispute resolution and arbitration expert József Antal joins Kinstellar as Special Counsel in Budapest
Kinstellar is delighted to announce that József Antal, a highly respected dispute resolution and arbitration expert, has joined the firm’s Budapest as Special Counsel. With over 25 years of experience, József is widely recognised for his expertise in arbitration, litigation, public procurement and commercial matters. His distinguished career in both private practice and in-house legal roles makes him a valuable addition as Kinstellar continues to grow its dispute resolution capabilities across the region. József has built a distinguished career advising international and domestic clients in high-stake disputes. He spent 20 years at Baker & McKenzie Budapest, where he led the dispute resolution team as a Partner.
ESG legal update: Central and Eastern Europe and Central Asia regions
The end of 2024 and the beginning of 2025 marked a period of uncertainty in the ESG regulatory landscape. Across both Kinstellar’s EU and non-EU jurisdictions, stakeholders awaited the Omnibus I package, expected to introduce significant changes to ESG compliance and reporting frameworks. The release of Omnibus I in late February 2025, along with the implementation of key directives – particularly the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD) – has brought fresh uncertainties. Regulators are now reassessing their legislative roadmaps, with potential delays to national transpositions and even postponements of already implemented ESG regulations.
Kinstellar advises Macopharma Group – GMPi on its acquisition of Lmb Technologie
We are delighted to announce that the Kinstellar Belgrade team, in collaboration with international advisor Forvis Mazars Germany, has successfully advised Macopharma Group – GMPi, a global leader in the healthcare industry, on its acquisition of Lmb Technologie. Macopharma has been a leader in the blood industry for over 45 years, and this acquisition is a key element of its five-year strategic plan to expand its product range and further strengthen its position in the European, American, and Middle Eastern markets. As part of the expansion in Serbia, Lmb plans to extend its factory in Niš, by 2,500 square meters, creating 30 new jobs in addition to the existing 120 employees. A heartfelt thank you to
Hartwig Kienast, a leading Austrian M&A lawyer, joins Kinstellar as Partner in Vienna
Kinstellar is delighted to announce that Hartwig Kienast, a highly regarded M&A lawyer, has joined our newly launched Vienna office as a Partner. His arrival further strengthens our M&A and private equity capabilities in Austria and across the wider CEE region, reaffirming our commitment to delivering top-tier legal advice in this key market. Hartwig Kienast specialises in mergers & acquisitions, private equity, and venture capital transactions, as well as corporate reorganisations. He has been actively involved in large cross-border M&A transactions and restructurings, advising both international corporations and investors. His experience spans a wide range of sectors, including: infrastructure & energy
Navigating the regulatory landscape: An overview of the tokenization of real-world assets
As financial markets embrace digital transformation, the tokenization of real-world assets (RWA) is emerging as a ground-breaking innovation that has the potential to redefine ownership, investment, and liquidity. By leveraging blockchain technology, tokenization enables the digital representation of tangible and intangible assets – ranging from real estate, commodities, and artworks, to securities, debt instruments, and intellectual property. Proponents believe that such a transformation democratizes access to high-value assets, enhances market efficiency, and introduces new investment opportunities across industries. However, the legal and regulatory framework surrounding tokenization remains complex and rapidly evolving.