Kinstellar launches Southeast Asia Desk

Statement on our policy to work for ‘Russian clients’

We remain shocked by and deeply condemn the Russian military aggression in Ukraine and the resulting war and human suffering. One of our largest offices is in Kyiv and our thoughts are with our colleagues, their families, and the Ukrainian people.

We continue standing with the people of Ukraine and are united with those in governments and the business community calling for an immediate cessation of the acts of war, a withdrawal of Russian forces from Ukraine and the restoration of peace with no further delay.

We support the efforts for peace through international sanctions and informal boycotts to bring pressure to bear on the Russian authorities to cease the aggression and stop the war in Ukraine.

We ensure compliance with applicable local, EU, UK and US sanctions regimes and will not work for Russian clients falling within the remits of such sanctions.

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news, deals & insights

Insights June 2022

Romanian government adopts law sanctioning speculative actions during times of crisis and regulating the abuse of superior bargaining position

In the context of a looming post-COVID-19 financial crisis, exacerbated by the Russian intervention in Ukraine, soaring energy and fuel prices, and rapidly rising inflation, the Romanian government has recently adopted Government Emergency Ordinance 84/2022 on combating speculative actions and amending and supplementing certain normative acts (the “GEO”). The GEO was published in the Official Gazette on 20 June 2022 and will enter into force fully in 30 days from publication.   The GEO amends Law no. 11/1991 on unfair competition (the “Unfair Competition Law”) and introduces major changes to the legal framework of unfair competition rules in Romania. The GEO provides for, inter alia, sanctions for speculative actions

Insights June 2022

“Buy Now, Pay Later” solutions on the rise – regulatory aspects in Bulgaria

The rapid growth of online shopping as a result of the COVID-19 pandemic has led to an increased demand for different payment options for consumers at the checkout. One such option that is increasingly popular with consumers is the “buy now, pay later” (“BNPL”) solution. The hot trend in consumer credit BNPL allows consumers to defer the payment of the product and repay the purchase price in several instalments over a certain period of time, usually at no interest. BNPL is also a palatable option for merchants, as it gives them another avenue to generate sales by providing consumers an accessible opportunity to acquire products on credit. Such manageable payment options are also likely to strengthen consumer

Insights June 2022

Bulgaria: Director duties and ESG considerations

Bulgarian law requires that the directors of Bulgarian joint-stock companies perform their functions as directors by adhering to the “duty of care” standard of a prudent businessperson and always in the interest of the company and its shareholders. If a director fails to comply, they could be held liable for any damages caused to the company. The required duty of care standard is not easily reconciled with the current shift in corporate governance towards compliance with material ESG factors. While important for all stakeholders (e.g., employees, customers, vendors, and the communities where the company operates), ESG compliance could trigger additional financial costs and potentially be an obstacle to maximising profits.

News June 2022

Kinstellar promotes Mert Elçin to Counsel in Istanbul

Kinstellar is delighted to announce the promotion of Mert Elçin to Counsel in our Istanbul office. Mert has more than 10 years of experience in corporate, M&A and banking and finance transactions as well as regulatory matters and has represented clients from a wide range of sectors, in particular banks, brokers, insurers, asset managers, investment funds and other market participants from the financial services industry, venture capital firms, founders, angel and private equity investors, and companies focusing on life sciences and healthcare, technology, media and telecommunications, retail and manufacturing. He is also experienced handling international arbitration. Mert joined Kinstellar in 2019 as

Deals June 2022

Kinstellar provides pro bono legal services to Soborna Ukraine

We are excited to announce that Kinstellar has started to provide pro bono legal services to Soborna Ukraine, a public charity established by Ukrainian entrepreneurs after the Russian invasion of Ukraine. Sharing the mission and values of Soborna Ukraine, Kinstellar is advising the organisation on key aspects of implementing their programmes in Ukraine as they manage critical projects close to the front line. This is just the beginning of our long-term partnership to join efforts and help Ukraine. Our pro bono team in Ukraine is managed by Partners Illya Sverdlov and Alla Kozachenko and includes Anna Vizniak, Senior Associate, and Tetiana Kostiuk, Junior Associate. Soborna Ukraine — a US non-profit organisation

News June 2022

Kinstellar hosts webinar on current developments in the CEE life sciences & healthcare sector

On 14 June 2022, Kinstellar hosted a webinar centred on current developments in the life sciences & healthcare sector across Central and Eastern Europe. We covered some of the most relevant and pressing topics currently impacting the life sciences & healthcare landscape, including (i) sector inquiries by local competition authorities in the area of life sciences; (ii) price reduction announcements and their relevance for the CEE pharma sector; and (iii) legal challenges on the use of artificial intelligence across the life sciences industry. Presentations were made by Tomáš Čihula, Eszter Takácsi-Nagy, Péter Vörös and Petr Bratský. Below we provide a brief summary: Sector inquiries

News June 2022

Helping Hands for Ukraine: Our recent pro bono activities

At Kinstellar, ‘corporate responsibility’ is not an empty slogan. Helping those in need and playing important roles in our communities have always been a crucial part of our firm culture. Since the outbreak of the war in Ukraine, we have never felt stronger and more united inside the firm. Extraordinary times in Ukraine have been met with an exceptional response from our people, who continue doing their best to provide humanitarian aid, support various charities and NGOs, and provide pro bono legal assistance to those affected by the war. Here we are sharing a brief report of our recent pro bono activities, to be followed by a series of short videos with our people working to support Ukraine.  We thank all of our amazing

Insights June 2022

Merger and concerted action controls in Ukraine: Usual norms are resumed

Starting from 20 June 2022, the Antimonopoly Committee of Ukraine (AMC) will resume merger and concerted action controls in Ukraine as usual, which means that standard merger and concerted action control rules and timelines will apply during the martial law in Ukraine and afterwards. Until then, the AMC᾿s earlier Guidelines on the filing and consideration of applications for merger clearances and concerted actions during martial law (Guidelines) shall apply to all merger and concerted action applications submitted to the authority during 30 March 2022 – 17 June 2022 (inclusive). The AMC also renews consideration of all earlier postponed applications. All those applied to the AMC under special regime provided by the Guidelines

Insights June 2022

The potential inclusion of the Russian Federation in the 'FATF Blacklist' – PART II

The global community is considering various legal and other reactions to the unprovoked, unjustified, and aggressive war launched by the Russian Federation and its satellites against Ukraine. Among potential steps on the table are the inclusion of the Russian Federation to the Black List being administrated by the Financial Action Task Force (the FATF) and recognition of the Russian Federation as a state sponsoring terrorism by the Government of the United States of America. One of them or a combination of these actions could become a firm and far-reaching countermeasure targeting financial stability of the Russian Federation, its satellites, and their war machine. In the second article, our experts Oleksandr Kurdydyk, Partner

about us

Kinstellar acts as trusted legal counsel to leading investors across Emerging Europe and Central Asia. Our reputation for quality, excellence and integrity speaks for itself.

With offices in eleven jurisdictions and over 350 local and international lawyers, we deliver consistent, joined-up legal advice and assistance across diverse regional markets – together with the know-how and experience to champion your interests while minimising exposure to risk.

Our clients include leading international and regional corporations, banks and other financial institutions, state bodies, multi-lateral institutions, and international law firms with clients that require top-quality legal counsel in our jurisdictions. We handle the most important and complex assignments for clients across diverse industries and business sectors.

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With expert local knowledge and a track record at the international level, our lawyers provide top-tier advice and client service in Emerging Europe and Central Asia.

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📢 🇧🇬 The first #ESG report on #Bulgaria is a reality, courtesy of SeeNews. 💡 Atanas Mihaylov, Counsel in Kinstellar #Sofia, looks at the way directors can reconcile their duty of care with a growing set of ESG requirements that businesses should follow. It could only happen if they can demonstrate that integrating ESG factors at an additional cost creates a long-term value for the #business (even if not immediately shown on the company’s balance sheet). 🌟 After all, it has been argued at the EU-level that #executive #pay should be linked to #sustainability factors as a response to what is already happening in the real economy. ESG #risk management should therefore be developed on different levels.   👉🏻 For more information: https://bit.ly/3tR40rh   👉🏻 Get the full report here: https://bit.ly/3NqVnei   #intheknow #sustainabilityleadership #executivepay

📢 Kinstellar has earned the reputation for delivering high-quality business-minded legal advice in emerging markets throughout Central Europe and Central Asia. Following client demand, we have launched our Southeast Asia Desk to help support our #clients as they look toward this region.  Our Southeast Asia Desk is made up of #experts from across the firm who have deep #knowledge in Southeast Asia jurisdictions and whose background and understanding of local legal environments enable us to become the #trusted advisor to companies doing business in this region. The Southeast Asia Desk will draw upon the extensive resources of the firm’s more than 400 legal professionals.  👏Together with our trusted local law firms, Kinstellar regularly advises clients across the Asia-Pacific region, including #Indonesia, #Vietnam, #Cambodia, #Laos, #Malaysia and #Myanmar. We represent #technology companies, #government entities, development agencies and #financial institutions with interests in diverse industries and sectors including #energy, #technology, #telecommunications and #media, #manufacturing, #chemicals, #transportation, #infrastructure, #construction and real estate, among others.  Kinstellar’s Southeast Asia Desk will be led by Rita R. 龎冉, Anthony O'Connor, Alexander Lynch, and Vincent Morand. 🌟We are constantly looking to further build the team with the best and brightest. If you want to grow with us get in touch! #exceptionaltogether #leadinglawyers #southeastasia

🎤 Denise Hamer, Kinstellar Head of C/SEE #Asset Solutions / Co-Head of C/SEE #Restructuring & #Insolvency shares some takeaways from ‘’DD Talks NPL DAYS LONDON”, held in 📍 London on 12 May 2022.  ✔️ Conclusion of #Covid stimulus coupled with interest rate increases and #inflation is having a doubled edged consequence. Collections are down; defaults are up; but collateral is appreciating. So we are effectively in the immediate post 2008 crisis bid/ask asset price spread. ✔️ Buy now; pain later (BNPL) interest free credit, such as Klarna, is facing headwinds and investors/servicers are preparing for this new distressed asset class. ✔️ Recent amendments to #Turkish #securitisation legislation lowers the historically high barriers to entry for foreign NPL investors. ✔️ #Aviation #lease portfolios related to aircraft re-registered by Russia with EUR billions of exposure may be an interesting trade as #distressed claims with recourse to insurers. ✔️ #Sberbank Europe has been sold either in share sales (#Croatia, #Slovenia, #Serbia and #Bosnia Herzegovina), or in portfolio sales (#Austria and #Hungary); with Sberbank Czechia as the final portfolio sale currently in process. ✔️ A number of mega #NPL #securitisations, supported by Hercules in #Greece and GACS Italy, failed to meet their targets during and post Covid, so we can expect to see sub-portfolios/single name assets being sold in the secondary market. #Italy is currently revising its #GACS programme. ✔️ The ECB/EU (as well as UK and US) have not yet, but must, address the orphan sanctioned Russian loans that have been carved out of recent portfolio and bank consolidation sales as the selling entities are liquidated. And although not yet discussed at the Conference, we can foresee a new distressed asset class in the #FinTech/#Crypto sector. Exciting days ahead! #intheknow #npls #distressedassets #conferences #thoughtleaders

📢 We are delighted to announce the #promotion of Mert Elcin, PhD to #Counsel in our #Istanbul office. ⭐ Mert has more than 10 years of experience in #corporate, M&A and #banking and #finance transactions as well as #regulatory matters and has represented clients from a wide range of sectors, in particular banks, brokers, insurers, asset managers, investment funds and other market participants from the financial services industry; venture capital firms, founders, angel and private equity investors; as well as companies focusing on life sciences and healthcare, technology, media and telecommunications, retail and manufacturing. He is also experienced handling #international #arbitration. Mert joined us in 2019 as a Senior Associate, having worked previously for leading local and international law firms in Turkey, and was promoted to Managing Associate in 2021.  He has a strong #academic background: after graduating from the Marmara University in Turkey, he gained an LL.M. (Summa cum Laude) in International and Comparative Law from Vrije Universiteit Brussels, Belgium, and a PhD in Comparative Contract Law and International Arbitration from the European University Institute, Florence, Italy.  👏 Congratulations, Mert, and best of luck in your new role! #exceptionaltogether #leadinglawyersTurkey

📢 Join us off-line on 📅 Tuesday, 21 June 2022, for the seminar "ESG – Practical Implications and Experience".   🌟 In addition to the increasing pressure from regulators and investors for companies to report #ESG data, we are already experiencing the rising costs of "non-green" financing and the requirements to comply with the EU taxonomy for sustainable activities. There is also increasing scrutiny from potential employees and customers who want to work for and buy from 'responsible' companies.   💡 Kinstellar experts will offer insightful commentary on green finance, ESG reporting and the EU taxonomy.   📧 If you wish to join the event, please contact Luděk Wojnar  at .   🎙️ Speakers: Kamil Blazek, Karla Rundtova, Martina Březinová, Jan Lehký.    #intheknow #leadinglawyers #exceptionaltogether #eutaxonomy #greenfinancing #esgreporting

👐 Thanks to all those who participated in our #webinar on current #legal developments in the Life Sciences & Healthcare sector.   💡 Kinstellar hosted a webinar centred on current developments in the life sciences & healthcare sector across Central and Eastern Europe. We covered some of the most relevant and pressing topics currently impacting the life sciences & healthcare landscape, including ✔️ sector inquiries by local competition authorities in the area of life sciences; ✔️ price reduction announcements and their relevance for the CEE pharma sector; and ✔️ legal challenges on the use of artificial intelligence across the life sciences industry.   🎙️ Presentations were made by Tomas Cihula, Eszter Takacsi-Nagy, Péter Vörös and Petr Bratský.   👇🏻 For more details about this event, please see the article on our website. https://lnkd.in/e-c5gzmJ #intheknow #exceptionaltogether #leadinglawyers #lifesciences

🇷🇴 🏵️ Once again thankful and honoured for having Victor Constantinescu, managing partner of our #Bucharest office and co-head of the firm-wide real estate practice, included in the recently launched “Top 50 most #influential people on #Romania’s real estate market” by Property Forum Events & News. 🌟 The top is put together based on criteria such as market share, local and global rankings, market activity, participation in #deals, and, of course, comes as a proof for Romania’s #dynamic #growth and potential in this practice area. 👏 Congratulations to Victor and to all the other influential people on the real estate market in #Romania and thank you to Property Forum Events and News and their entire team, including Attila Bacsa, Ákos Budai and Csanad Csuros, for our long #partnership. We look forward to more successful events together! #exceptionaltogether #realestate #leadinglawyersRomania

At Kinstellar, ‘corporate responsibility’ is not an empty slogan. Helping those in need and playing important roles in our communities have always been a crucial part of our firm culture.  Since the outbreak of the war in #Ukraine, we have never felt stronger and more united inside the firm. Extraordinary times in Ukraine have been met with an exceptional response from our people, who continue doing their best to provide #humanitarian #aid, support various #charities and #NGOs, and provide pro bono legal assistance to those affected by the war.   Below we are sharing a brief report of our recent pro bono activities, to be followed by a series of short videos with our people working to support Ukraine. 👇🏻   🙏 We thank all of our amazing team at Kinstellar, who continues to stand with the #brave and #resilient people of Ukraine. Our thoughts and prayers go to them! 💙 💛 #exceptionaltogether #wecare #helpinghands #helpukrainenow

🇺🇦 The global community is considering various #legal and other reactions to the unprovoked, unjustified, and aggressive war launched by the Russian Federation and its satellites against #Ukraine.   ➡️ Among the potential steps considered are the inclusion of the Russian Federation to the Black List being administrated by the Financial Action Task Force (the #FATF) and the recognition of the Russian Federation as a state sponsoring #terrorism by the Government of the United States of America.   In a series of articles, Oleksandr Kurdydyk, Partner, Head of #Banking, #Energy & #Projects in our #Kyiv office, firm-wide Head of the #Infrastructure and Co-Head of the #Energy & Natural Resources services, and Eduard Olentsevych, Associate, throw some light on the criteria and ground for the inclusion of a country in the FATF Blacklist, as well as the procedure and potential consequences of such countmeasure by FATF 👇🏻   PART I: https://lnkd.in/euAA4ibA PART II: https://lnkd.in/eN9_GM2d    #intheknow #sanctions #warinukraine