Kinstellar Prague partners with Fintech Sandbox🤝 🇨🇿 We are delighted to announce that Kinstellar Prague has become a partner of Fintech Sandbox, the first financial regulatory sandbox in the Czech Republic – a unique platform operated by CzechInvest, supporting the growth of innovative financial technologies. 💼 As part of this partnership, participants in the programme will receive regulatory guidance from our financial regulatory experts – Filip Murár, Counsel, and Jakub Šťastný, Managing Associate. ⚖️ We are proud to support this initiative and contribute to the development of the #Czech #fintech ecosystem by helping innovative projects navigate the evolving regulatory landscape. Find out more about the programme here 👉 https://lnkd.in/dTGmMrS4 #ExceptionalTogether #FintechSandbox #Innovation #CzechInvest #RegTech #FinancialRegulation #CzechRepublic #LegalAdvisory #FutureofFinance #FinancialTechnology

✨ Delighted to be joining the “Conference on Defence Industrial Cooperation between Germany and Romania”, organized by the Romanian-German Chamber of Commerce (AHK Romania) in cooperation with the German Embassy and the German Federal Ministry of Economic Affairs and Energy, taking place today at the JW Marriott Bucharest Grand Hotel, #Bucharest. 🤝 Our colleagues Luiza Bedros (Partner), Raluca Botea (Counsel), and Rusandra Sandu (Partner) are present at the event and explore opportunities for closer cooperation and investment in Romania’s growing #defence sector. At Kinstellar, we see the defence sector as a strategic priority. Romania’s capabilities are entering a new phase of expansion and modernization, supported by new legislation and funding — and we are here to engage and help unlock the sector’s full potential. 🚀 Also happy to meet with peers and partners in the field — 📸 pictured here with our colleagues is Mihai Marc, Programme Coordinator (Political Cooperation) at Konrad-Adenauer-Stiftung Romania — and exchange views on the evolving landscape of defence collaboration between #Germany and #Romania. #ExceptionalTogether #InTheKnow #DefenceIndustry #AHKRomania #DefenceCooperation #Investment #Partnerships #LegalAdvisory #Security #DefenceSector

💡 The end of standardised proxy voting recommendations in #Austria? For years, proxy advisors Institutional Shareholder Services (“ISS”) and Glass Lewis have shaped voting behaviour at annual general meetings (“AGMs”) of publicly listed companies, including in Austria, through their uniform “benchmark” voting recommendations. This approach, it appears, will soon be history. 🆕 What’s new • Beginning in 2027, Glass Lewis will discontinue its long-standing practice of issuing single, default “benchmark” voting recommendations and instead collaborate with institutional clients to create fully customised voting policies supported by company-specific research reports ahead of #AGMs. Glass Lewis aims to have all clients transitioned to their own policies by 2028. • Rival ISS is taking a similar path, introducing modular governance research tools that allow clients to align their voting behaviour with individual stewardship priorities. 🔀 Why it’s changing • The shift reflects the diversification of investor stewardship philosophies, as a single benchmark no longer fits all. Large asset managers such as BlackRock are also promoting “investor choice” voting programs, enabling their clients to select from multiple policy options. • The change is also said to mirror growing differences between U.S. and European investors regarding fiduciary duties and sustainability, alongside political pressure in the U.S. Both Glass Lewis and ISS have recently faced “anti-ESG” investigations and lawsuits from Republican-led states, including Texas. 🔄 Why it matters for issuers While many issuers may welcome a more tailored and investor-specific dialogue, the proxy voting landscape will become increasingly frag mented. As a result, companies could face greater unpredictability in key shareholder votes. ➡️ What’s next Listed companies, including those in Austria, should prepare for less predictable AGM outcomes by: 1. Tracking evolving proxy advisor practices; 2. Analysing and engaging with shareholder voting approaches; 3. Equipping their boards for more dynamic and active investor dialogue; and 4. Reviewing potential exposure to shareholder activism in coordination with legal counsel. ✍️ Written by Petra Heindl, Counsel, Capital Markets. #ExceptionalTogether #InTheKnow #DACH #ProxyVoting #ProxyAdvisors #InvestorChoice

📢 Our team has advised Citigroup Global Markets, J.P. Morgan Securities, and Standard Chartered Bank, alongside Halyk Finance and Teniz Capital Investment Banking, on the successful USD 1.5 billion sovereign Eurobonds by the Ministry of Finance of the Republic of Kazakhstan. 📈 The bonds, issued under Kazakhstan’s USD 15 billion Global Medium Term Note Programme, achieved a record-low yield of 4.412%, demonstrating strong investor confidence and attracting robust demand from institutional investors, particularly across Asia and the Middle East. This transaction marks another milestone in Kazakhstan’s growing presence in international capital markets. ⚖️ Our team was led by Counsel Pavel Kornilov and Managing Partner Joel B. Benjamin, with support from Associate Balzhan Sultanova and Junior Associates Kamila Serik and Akezhan Mukhambetzhanov. 🔗 Read more about the transaction here: https://lnkd.in/dz3kZ4_q #ExceptionalTogether #DoneDeals #Kazakhstan #Eurobond #FinanceLaw #FinancialInstitutions #MiddleEast #Asia

🇷🇴 Our team in #Romania advised Integral Capital Group on acquiring a majority stake in Calla Clinic, an IVF clinic in Oradea, Romania, through its subsidiary Embryos. The acquisition is part of Embryos’ expansion, including a satellite clinic in Buzău and the acquisition of Adella Clinic in Sofia. 🏥 Calla Clinic has provided services in obstetrics, gynecology, and human-assisted reproduction for over 13 years. Embryos is one of Romania’s largest IVF networks, targeting a turnover of EUR 15 million by 2025 and treating over 2,000 couples annually. 💼 Our legal team was led by Zsuzsa Csiki (Partner, Co-Head of M&A/Corporate) and Luiza Bedros (Partner, specialized in Healthcare), with the wider transactional and due diligence team including Teodor Lupu (Associate), Andrada Popescu (Managing Associate), Marc Barabas (Associate) and Florin Cojocaru (Financial Advisor, Senior Associate). 🔗 https://lnkd.in/dcjzptG2 #DoneDeals #ExceptionalTogether #Healthcare #IVF #Fertility #Romania #PrivateEquity #ReproductiveHealth

🇺🇿 Uzbekistan tightens oversight on large borrowers   Effective 1 Jan 2026, enterprises with financial obligations (eg. outstanding debt) of over USD 50M and deemed systemically important to the national economy by the newly established Coordination Commission may be subject to Regulation No. 670, requiring prior clearance for new financing and stricter monitoring obligations.   ➡️ These large obligors must be converted into joint-stock companies and will be classified by risk level, impacting how they access financing.   The new framework aims to strengthen transparency and financial discipline across major players in Uzbekistan’s economy.   📢 Otabek Suleimanov (Partner) and Kamilla Khamraeva (Counsel) break down the details of this change in their new article: https://lnkd.in/dYEmPWC7 *** С 1 января 2026 года предприятия с задолженностью более 50 млн долларов США, признанные системно значимыми для экономики Узбекистана новой Координационной комиссией, могут подпасть под действие Постановления №670, предусматривающего предварительное согласование нового финансирования и усиленные требования к мониторингу. ➡️ Такие крупные заемщики должны быть преобразованы в акционерные общества и будут классифицироваться по уровню риска, что повлияет на доступ к финансированию. Новая система направлена на повышение прозрачности и финансовой устойчивости среди ключевых игроков экономики Узбекистана. 📢 Otabek Suleimanov (Партнёр) и Kamilla Khamraeva (Советник) подробно разобрали изменения в своей новой статье: https://lnkd.in/dYEmPWC7 #Uzbekistan #Regulation670 #Finance #RiskManagement #CorporateGovernance #BusinessUpdate #Узбекистан #Постановление670 #Финансы #УправлениеРисками #КорпоративноеУправление #БизнесОбновление

🎉 This weekend, on 1 November, we celebrated Kinstellar’s 17th anniversary, another milestone shaped by the dedication, teamwork, and passion of our people, and the trust and partnership of our clients. Seventeen years ago we had set out with a belief that the vision that our founding partners led by Jason Mogg laid out, built on talent, integrity, teamwork, collaboration and collegiality, and our strong track record in our markets, could create something distinctive, a firm that makes a real difference for our clients whilst offering a great place for our people to work and grow. 🌟 We have proven that the vision on which Kinstellar has been built can be turned into reality. The strength of the Firm and our broader business, our community and the trust of our clients are truly remarkable. Today, with more than 500 colleagues across 12 countries, we are proud of what we’ve achieved together and deeply grateful to our clients for inspiring us to raise the bar every day. ➡️ As we look ahead, we remain excited about the future, continuing to grow, adapt, and stay true to our values. Here’s to 17 years of Kinstellar and to many more ahead. 🥂 #ExceptionalTogether #Anniversary #Milestone #Kinstellar17 #TeamSpirit #TeamGrowth