16 July 2025 – It has come to our attention that there is an increased level of impersonation fraud activity targeting Kinstellar. This includes a number of unauthorised, fraudulent emails falsely claiming to originate from various Kinstellar offices, as well as a fake website – "kinstellar.finance" – that is fraudulently using our firm's name, offering non-existent legal services by non-existent lawyers, and referencing the address of our Prague office. Th e website "kinstellar.finance" has no connection whatsoever to Kinstellar or any of its offices. Any communications originating from that domain, or similar unofficial sources, are part of an illegal impersonation scam. This fraudulent
Romania is entering a new phase in the development of its defence and security sector. In this brochure, we provide an overview of the current strategic, legal, and financial developments driving Romania's defence transformation, including insights into the National Defence Strategy for 2025–2030, the Security Action for Europe (SAFE) program, and key legislative updates such as Government Emergency Ordinance No. 62/2025. It also highlights key aspects of Romania's defence procurement processes, industrial cooperation and opportunities for modernisation through innovation and investment, providing a clear picture of the country's evolving defence landscape. Click on the image below or use this link to
Competition and regulatory authorities across Europe are showing renewed vigilance toward the pharmaceutical sector—a field shaped by the intersection of competition law, regulatory frameworks, consumer protection, and IP. Recent cases illustrate that investigations in this area are increasingly complex and precedent driven, offering valuable guidance on how authorities assess commercial behaviour. Sun Wave Pharma case – the Romanian Competition Council unveils unfair competition practices In May 2025, the Romanian Competition Council ("RCC") announced the conclusion of its investigation into Sun Wave Pharma S.R.L., a major player in the food supplements market in Romania. The inquiry focused on allegations
Nearly two years after the Digital Services Act ("DSA") became applicable across the EU and amidst discussions on the "Digital Omnibus" simplification package announced by the European Commission, Bulgaria has finally aligned its national framework with DSA provisions. On 6 November 2025, the Bulgarian parliament adopted amendments to the Electronic Communications Act ("ECA"), confirming the designation of the Communications Regulation Commission ("CRC") as the Digital Services Coordinator, vesting it with supervisory powers and the authority to certify out-of-court dispute settlement bodies and award trusted flagger and vetted researcher status, while also introducing comprehensive enforcement architecture.
Kinstellar has successfully advised AJFH (the family office of experienced entrepreneur and investor Andrej Jovanović) on the acquisition of Imlek, a leading dairy producer in Southeast Europe, from MidEuropa Partners. The transaction is expected to close in Q1 2026, subject to standard regulatory approvals and completion conditions. Imlek is headquartered in Belgrade, Serbia, and operates production facilities (dairies) in North Macedonia and Bosnia & Herzegovina. Our team provided full-scope legal advice, including transaction structuring, negotiation of the transaction documents, financing, and regulatory/competition support. The project was led by Partner Hugh Owen, supported by Associate James
In its recent decision (OGH 16.9.2025, 6 Ob 135/24g), the Austrian Supreme Court ("OGH") confirmed key principles on the validity of option agreements in shareholder agreements and the need for a shareholder resolution in case of transfer restriction clauses. Hence, the decision is highly relevant for Austrian limited liability companies and their (future) shareholders, in particular private equity investors and family offices. 1. Underlying facts: The case under review involved an Austrian limited liability company (GmbH) (the "Company") that was established by articles of association dated 30 April 2021 (the "AoA"). The shareholders are (i) a private foundation (Privatstiftung) (the "Shareholder
Kinstellar's Competition & FDI team is pleased to present the Q3 2025 update to our Regional Competition Review. This latest edition provides a snapshot of recent enforcement activity, legislative changes, and emerging trends across Austria, Bulgaria, Croatia, Czech Republic, Romania, Turkey and Ukraine. Key highlights include the introduction of new "call-in" powers in Bulgaria, as well as proposed and newly implemented FDI regimes in Croatia and Ukraine, alongside a range of developments that are reshaping competition and FDI control across the region, such as: Austria – Enforcement and energy market focus Czech Republic – Merger remedies, sector inquiries, and cartel fines Romania
Austria recently introduced further amendments to the Beneficial Owner Register Act (WiEReG – BORA), which are intended to reduce structural opacity in beneficial ownership structures. In practice, the most relevant measures concern extended reporting obligations for nominee agreements (trust relationships). New key definitions The changes relating to nominee agreements came into force on 1 October 2025. The new Section 2a of the BORA introduces three key terms: nominee, nominator, and nominee director, whereas: a "nominee" is a natural person, legal entity, or group of the foregoing who is instructed by the nominator to act as an owner or in a trustee function for the nominator; a
Kinstellar is honoured to be featured in this year's GIR 100, the annual guide that recognises the top 100 law firms worldwide for cross-border and local corporate investigations. The GIR 100, published by Global Investigations Review, highlights firms with strong capabilities in government-led and internal investigations. Each firm is selected based on in-depth editorial research demonstrating its ability to handle complex cross-border, government-led and internal investigations. This year's guide highlights Kinstellar's experience advising multinational companies, financial institutions, and global law firms on a wide range of investigations, including internal reviews, whistleblower matters, export-control
Kinstellar acts as trusted legal counsel to leading investors across Central and Eastern Europe (CEE), Southeast Europe (SEE) and Central Asia. Our reputation for quality, excellence and integrity speaks for itself.
With offices in 12 jurisdictions and over 300 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.
*2024 rankings in core practice areas in international legal directories (Chambers & Partners, Legal 500, IFLR1000)
With expert local knowledge and a track record at the international level, our lawyers provide top-tier advice and client service in Central and Eastern Europe (CEE), Southeast Europe (SEE) and Central Asia.
Our Team💊 Pharma sector under the spotlight ➡️ Competition and regulatory authorities across Europe are showing renewed vigilance toward the #pharmaceutical sector. Two recent cases (one in #Romania, one at the #EU level) highlight the increasing complexity of investigations in this area, offering guidance on how authorities assess commercial behaviour: 🇷🇴 Sun Wave Pharma case: The Romanian Competition Council took action against Sun Wave Pharma for unfair competition, setting an important precedent for the sector. 🇪🇺 CJEU’s DocMorris ruling: The CJEU’s ruling in the DocMorris case clarified key aspects of pharma advertising, impacting both OTC and RX product promotions across the EU. Why these cases matter: Both decisions will impact discussions around the upcoming EU pharmaceutical package. Enforcement is ramping up, with regulators adopting a stricter approach to pricing, distribution, and marketing in the pharma sector. 💡 Our recent article, written by Marc Barabas (Associate, Bucharest) and supervised by Luiza Bedros (Partner, Bucharest), explores the details of these cases and their implications for #pharma compliance across the EU. 📖 Read the full article here: https://lnkd.in/d53jDKzr #ExceptionalTogether #InTheKnow #PharmaCompliance #CompetitionLaw #EURegulation #CJEU #AdvertisingLaw #PharmaIndustry #FairCompetition #RegulatoryCompliance
🎉 We are proud to announce that Kinstellar has been included in the 2026 IEL Elite list, recognizing the world’s strongest employment law practices! 🏆 IEL Elite highlights employment and labour law teams that deliver innovative, high-value advice to employers globally. Being part of this prestigious list of the leading teams worldwide is a testament to our teams' depth of expertise across advisory, disputes, and transactional work. 🙏 A huge thank you to our clients for your trust and collaboration – your confidence inspires us to keep raising the bar. And to our incredible team, dedication and skill make achievements like this possible. #ExceptionalTogether #IELElite #EmploymentLaw #Recognition #LeadingLawFirm #LeadingLawyers
🇷🇴 Romania’s defence sector outlook – Overview of strategic, legal and financial developments 🛡️ Romania’s #defence and #security sector is entering a new phase of transformation, driven by key strategic, legal, and financial developments. Our most recent brochure provides a comprehensive overview of Romania’s National Defence Strategy for 2025–2030, the Security Action for Europe (SAFE) program, and Government Emergency Ordinance No. 62/2025, all affecting the future of Romania's defence capabilities. 🔑 Key insights include Romania’s defence procurement processes, industrial cooperation, and opportunities for modernisation, playing a critical role in strengthening the country's position within NATO and the EU. As Romania continues to modernise its defence sector, understanding the evolving legal and regulatory landscape will be essential for stakeholders operating in this complex environment. 📄 Read more: https://lnkd.in/dbyzK_UE 👏 Many thanks to Counsel Raluca Botea for her work on this publication. #ExceptionalTogether #InTheKnow #DefenceSector #RomaniaDefence #DefenceStrategy #LegalUpdate #StrategicDevelopment #DefenceIndustry #RegulatoryLandscape #NATO #EU #SAFE
🌟 Meet us next week at #GCR Live: Foreign Investment Control 2025, an event organised by Global Competition Review. 📅 4 December 2025 📍 Hyatt Regency London Blackfriars, #London 🎤 Cătălin Graure, Counsel in our Bucharest office and Head of the Firm-wide Foreign Direct Investment Screening Service Line, will attend the event and join international experts in discussing the latest developments in #FDI control. 💡 Now in its sixth edition, the conference gathers leading decision-makers, government officials, enforcers, in-house counsels, private practitioners and economists for high-level debates and practical insights on a rapidly evolving regulatory landscape. #ExceptionalTogether #IntheKnow #ForeignInvestment #FDIControl #GCRLive2025
🌐 Today, our Prague team hosted the seminar "Employment law in the digital world", where our experts discussed how digital transformation is redefining HR practices and introducing new legal challenges. We covered important aspects such as: ✔️ E-signatures and electronic delivery in HR: Digital compliance in HR processes ✔️ Employee monitoring and candidate screening: How to manage privacy and data protection laws ✔️ AI and employment law: The risks and rewards of AI in the workplace The key takeaways? 💡 Stay informed and ready to adapt to the new digital workplace. Ensure your HR processes are legally compliant as today's digital environment and AI evolves, while protecting both company data and employee privacy. 🙏 Special thanks to Managing Associate Iva Bilinska, Senior Associate Martina Mazurkova, and Associate Simona Semanová for leading the session. #ExceptionalTogether #InTheKnow #AI #DigitalWorkplace #EmploymentLaw #HRInnovation #AIInHR #LegalTech #DigitalCompliance
🚀 Unlock the future of finance: Tokenization & its legal landscape Are you ready to explore one of the revolutionary developments in #finance today? Join us for our webinar on Tokenization, a game-changing technology that’s reshaping how we think about assets, investments, and money. This session will guide you through the legal framework and practical applications of tokenization, and explain why it’s poised to transform the financial landscape across industries. ⚡ 📅 2 December 2025; 🕚 11:00 – 12:00 CET; 💻 Zoom webinar Why you shouldn’t miss it? We'll break down the core topics you need to understand, including: • What tokenization really is — and why it matters for the future of finance • Key legal & regulatory insights to help you navigate this evolving landscape • Real-world applications across asset classes and sectors 🎤 Speakers: Daniel Rajnoch, Founder & CEO, InvestBay Illya Muchnyk, Partner, Kyiv, and Head of the Firm-wide Fintech Subsector at Kinstellar Filip Murár, Counsel, Kinstellar Prague Registration: 👉 Simply reach out to Luděk Wojnar at trk=public_post_embed-text or register here https://lnkd.in/eTfGqkMm and secure your place. At Kinstellar, we believe that shaping the future of financial innovation means navigating it exceptional, together. ✨ Join us and be part of the conversation. #Tokenization #DigitalAssets #LegalInnovation #FinTech #Regulation #ExceptionalTogether #InTheKnow #FinanceWebinar #FutureofFinance
🇷🇴 How to prepare for an inspection by the Fiscal Anti-Fraud Authority in #Romania If the Fiscal Anti-Fraud Authority shows up for an inspection, it means they have concerns about your business or partners. Unlike regular tax inspectors, anti-fraud officers have broader powers and can extend their investigations. 🔑 Key rights to remember: 1. Right to representation 2. Right to information 3. Right to limited disruption 💡 In the fourth video of our Tax Disputes series, Theodor Artenie, Head of Tax in our Bucharest office, explains how to protect your rights during an anti-fraud inspection. 🎥 Watch the full video to better understand how to protect your rights during a tax inspection. 📖 Learn more about our integrated approach in our brochure: https://lnkd.in/gEbk-3sF *** 🇷🇴 Cum să te pregătești pentru o inspecție a Direcției Generale Antifraudă Fiscală Dacă inspectorii Direcției Generale Antifrauda Fiscală vin în control, înseamnă că există suspiciuni legate de activitatea firmei tale sau a partenerilor tăi comerciali. Spre deosebire de inspectorii fiscali, cei antifraudă au mult mai multe atribuții și pot extinde investigațiile. 🔑 Drepturi esențiale de reținut: 1. Dreptul la reprezentare 2. Dreptul la informare 3. Dreptul la minimă intruziune în activitatea companiei 💡 În al patrulea video din seria noastră despre litigiile fiscale, Theodor Artenie, Head of Tax, București, îți explică cum să îți protejezi drepturile în timpul unui control antifraudă. 🎥 Urmărește întregul video pentru a înțelege mai bine cum îți poți proteja drepturile în timpul unei inspecții fiscale. 📖 Află mai multe despre abordarea noastră integrată în broșura disponibilă aici: https://lnkd.in/gEbk-3sF #ExceptionalTogether #TaxDispute #Taxation #Antifraud #TaxInspection #LegalRights #TaxAdvisor #Litigation #InTheKnow
🇧🇬 Bulgaria has completed its implementation of the EU Digital Services Act (#DSA), marking an important milestone for digital regulation. With the recent amendments to the Electronic Communications Act now in force, the national framework finally aligns with the DSA, bringing long-awaited clarity for businesses operating in #Bulgaria. Key highlights include 👇 • The Communications Regulation Commission (CRC) confirmed as Bulgaria’s Digital Services Coordinator, with supervisory and certification powers concerning intermediary services. • A multi-authority supervision model, involving the CRC, the Council of Electronic Media, and the Personal Data Protection Commission. • Highly structured certification procedures for out-of-court dispute settlement bodies, trusted flaggers, and vetted researchers, with strict timelines and strong transparency requirements. • An enforcement architecture that departs from traditional administrative processes and introduces significant sanctions aligned with EU thresholds. While the detailed framework promises greater regulatory certainty, it also introduces a novel enforcement model that may take time to fully settle. 📣 This development sends a clear message: compliance expectations are rising, and businesses should proactively assess their DSA-readiness in Bulgaria. 🔎 Read the full analysis written by Milka Nikolova (Of Counsel) here: https://lnkd.in/ditvZc9c #ExceptionalTogether #InTheKnow #EURegulation #DigitalServicesAct #DigitalRegulation #ElectronicCommunicationsAct #EUCompliance #CRC #DataProtection
The ceremony took place on 20 November in Bratislava’s iconic Moyzes Hall, bringing together the Slovak real estate community to celebrate outstanding achievements in development, investment, advisory, brokerage, and leadership. Dominika Bajzáthová, Counsel from our Bratislava office, commented: “This award recognises all the hard work we put in for our clients and all our efforts to help them get their deals successfully completed.” Pictured receiving the award together with Managing Associate Dáša Labašová.