Banking, Finance & Capital Markets

Kinstellar advises on the acquisition financing of Centrum Krakov

August 2019 – Kinstellar has successfully advised Česká spořitelna on the financing for the acquisition of Centrum Krakov, a shopping centre located in Prague, by WOOD & Company, through its retail subfund (WOOD & Company Retail Podfond)....

Bulgaria introduces more detailed rules for provision of remote and online payment services

July 2019 – The Bulgarian National Bank (the “BNB”) has recently adopted amendments to its Ordinance No 3 on the Terms for the Opening of Payment Accounts, Execution of Payment Transactions and Use of Payment Instruments (the “Ordinance”). The...

Payment card acceptance in Hungary

May 2019 – The Hungarian Competition Authority ("HCA") has published its draft sector inquiry report on payment card acceptance in Hungary.
The payment industry, in particular interchange fees, has long been the subject of significant scrutiny...

Loan syndication and EU Competition law: Overview of the European Commission’s final report

April 2019 – On 5 April 2019 the European Commission published a much-awaited report on loan syndication and its impact on competition in EU credit markets (the "Report"). This multidisciplinary research was undertaken for the Directorate-General for...

Bulgaria prepares to join the EU’s Single Resolution Mechanism for credit institutions and investment funds

April 2019 – On 10 April 2019, a bill for amendment of Bulgaria’s Recovery and Resolution of Credit Institutions and Investment Firms Act (the “Bill”) was passed on first reading by the Parliament. The purpose of the Bill is to align Bulgarian...

Two proposed amendments to Bulgaria’s Bank Insolvency Act have been introduced to harmonise local law with EU rules and to further refine the legislation

March 2019 – On 22 February 2019 and 26 February 2019 two bills were introduced in the Bulgarian parliament to amend the existing Bank Insolvency Act (“Bills”).
The purpose of the first of the Bills is to introduce the provisions of Directive...

Kinstellar Counsel Andriy Nikiforov moderates a panel discussion on cross-border credit transactions under new FX regulations in Ukraine

February 2019 – On 18 February 2018, Andriy Nikiforov, Counsel in the Kyiv office and Chair of the Banking, Finance and Insurance Committee of the Ukrainian Bar Association (UBA), moderated a panel discussion organised by the UBA on the application...

Kinstellar advises international banking syndicate on the Republic of Uzbekistan’s debut Eurobond issue

February 2019 – Kinstellar has successfully advised an international banking syndicate comprised of JP Morgan, Citibank and Gazprombank in connection with a USD 1 billion Eurobond issue by the Republic of Uzbekistan—the country’s first-ever foray...

New FX legislation in Ukraine gives more flexibility to international lenders and local borrowers

February 2019 – From 7 February 2019, the Law of Ukraine on Foreign Exchange and Exchange Transactions (the “FX Law”) is in effect. Adopted by the Ukrainian parliament on 21 June 2018, the FX Law overhauls the existing exchange control regime, introduces...

Bulgaria’s Supreme Court of Cassation issues interpretative judgement strengthening the equal treatment of creditors and expediting insolvency proceedings

February 2019 – On 3 December 2018, Bulgaria’s Supreme Court of Cassation (“SCC”) issued Interpretative Judgment No 1 (the “Judgement”) on interpretative proceedings No 1/2017 of the General Assembly of the Panel of Commerce. The Judgement...