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Austria’s Crypto Reporting Act: Clear rules and tax transparency for investors
With the new Crypto Reporting Act ("Krypto-Meldepflichtgesetz" – Krypto-MPfG) effective from 1 January 2026, Austria aligns with international standards for transparency and tax compliance in the digital asset space. This reflects the EU’s broader push for harmonised regulation under DAC8 (the eighth amendment to the Directive on Administrative Cooperation in Direct Taxation, which mandates the automatic exchange of information on crypto-asset transactions between the Member States), the OECD’s Crypto-Asset Reporting Framework ("CARF"), and the EU’s Markets in Crypto-Assets Regulation ("MiCAR"). The new legislation implements international standards and sends a clear message: the regulatory net is tightening
ISS & Glass Lewis – The end of standardised proxy voting recommendations?
For years, proxy advisors Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. (“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
Kinstellar advises the investment-holding company AJFH on the acquisition of Imlek, a leading dairy producer in Southeast Europe
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
Kinstellar advises on landmark PV acquisition financing in Slovakia
Kinstellar is proud to have advised UniCredit Bank on the successful provision of acquisition financing and long-term refinancing for Slovakia’s largest operational photovoltaic (“PV”) portfolio, comprising 32 photovoltaic power plants strategically located across the country with installed capacity of 35 MW. The transaction marks a significant milestone in the Slovak renewable energy sector, with Austrian-based Enery—a leading independent green power producer in Central and Eastern Europe—acquiring the portfolio from ContourGlobal (51%) and Energy Infrastructure Partners (49%). Kinstellar provided comprehensive legal support to UniCredit Bank, which acted as the lender for both the acquisition financing
New mechanisms for monitoring external borrowings by large enterprises in Uzbekistan
Starting from 1 January 2025, any Uzbek resident (or a group), public or private, deemed as systemically important and with an outstanding debt that exceeds USD 50 million, potentially falls under the new CoM Regulation No. 670 "[O]n further improvement of the system of attracting bank loans and foreign debts by large enterprises of systemic importance for the economy of Uzbekistan" ("Regulation 670"). Whether an entity is deemed systemically important to the national economy is decided by the by the Coordination Commission on Risk Management for Systemically Important Enterprises (the "Coordination Commission") on an annual basis; If an entity falls under Regulation 670, it must get the Commission’s
Kinstellar advises on the successful USD 1.5 billion sovereign Eurobond issuance by the Ministry of Finance of the Republic of Kazakhstan
Kinstellar has advised Citigroup Global Markets, J.P. Morgan Securities, and Standard Chartered Bank (Joint Lead Managers), alongside Halyk Finance and Teniz Capital Investment Banking (Kazakhstan Lead Managers), on the successful issuance of USD 1.5 billion sovereign Eurobonds by the Ministry of Finance of the Republic of Kazakhstan. The bonds, with a 4.412% coupon rate and maturing in 2030, were issued under Kazakhstan’s USD 15 billion Global Medium Term Note Programme. The issuance was highly successful, with the orderbook significantly oversubscribed, reflecting significant demand from global investors. The final yield of 4.412% is the lowest ever achieved by Kazakhstan in its sovereign Eurobond market, demonstrating
Kinstellar advises joint global coordinators on KazMunayGas’s debut CNY-denominated Eurobond issuance
Kinstellar has advised the joint global coordinators, bookrunners and lead managers, Bank of China (Hong Kong), BOCI Asia, China CITIC Bank International, China International Capital Corporation Hong Kong Securities, Citigroup Global Markets, Industrial and Commercial Bank of China (Asia) and SkyBridge Invest, on Kazakhstan law matters in connection with the debut issuance by National Company "KazMunayGas" (“KMG”) of CNY 1.25 billion five-year senior unsecured Dim Sum bonds with a coupon rate of 2.95% and a yield of 3.15%, under its newly established CNY 10 billion Medium Term Note Programme. The issuance, rated Baa1 by Moody’s, marks KMG’s first-ever entry into the Chinese yuan bond market and represents the
Kinstellar welcomes Otabek Suleymanov as Partner, further strengthening its capabilities in Uzbekistan
Kinstellar is pleased to announce that Otabek Suleymanov, a highly reputable and experienced lawyer, has joined its Tashkent office. His addition as the fourth Partner in the local team underscores Kinstellar’s continued commitment to strengthening its presence and expanding its capabilities in Uzbekistan and the wider Central Asia region. Otabek has over two decades of experience in cross-border Banking and Finance, M&A, as well as a variety of projects matters in the key sectors in Uzbekistan’s growing economy. He is widely recognised for his deep sector knowledge and his ability to structure and execute complex transactions: his clients describe him as a “strong and well-experienced lawyer” with “impeccable
EBA consults new SREP Guidelines: Revisions reflect regulatory developments, including DORA and ESG, as well as lessons learned
On 24 October 2025, the European Banking Authority (“EBA”) published a consultation paper on revised guidelines on common procedures and methodologies for the supervisory review and evaluation process (“SREP”) and supervisory stress testing (EBA/CP/2025/21). The consultation period will last three months, until 26 January 2026. The revised SREP Guidelines are expected to apply from 1 January 2027. New SREP Guidelines will integrate recent legislative changes and address lessons learned Since the issuance of the initial SREP Guidelines in 2014 and its subsequent revisions in 2017 and 2021, the European regulatory framework has significantly advanced. Mainly, the CRR III/CRD IV banking package, the Digital
Kinstellar welcomes leading Austrian financial markets expert Miriam Broucek as Partner in Vienna
Kinstellar is delighted to announce that Miriam Broucek, a highly regarded banking & finance lawyer, has joined our newly launched Vienna office as a Partner. Her arrival marks the launch of our Banking & Finance practice in Austria, a significant step in expanding our capabilities in this core area. With her outstanding track record and expertise, Miriam will play a key role in building and leading our finance offering in Vienna, ensuring we provide clients with seamless support on complex local and cross-border matters. Miriam is a recognised expert in financial markets law with many years of experience advising Austrian and international financial institutions on a broad range of regulatory matters, including
Kinstellar Capital Markets series: Multiple voting rights – A chance for European capital markets?
Multiple voting rights have long been a topic of debate across Europe. The EU is now following the example of major global exchanges such as the NYSE, NASDAQ, and LSE by enabling founders and entrepreneurs to raise capital without relinquishing strategic control. With the Multiple Voting Share Directive (MVSD), the EU introduces a harmonised legal framework allowing companies seeking admission to multilateral trading facilities (MTFs)—including SME growth markets—to adopt multiple voting rights under specified conditions. This allows companies to preserve influence while accessing capital markets, offering opportunities not only for start-ups but also for strategically important sectors and family-owned businesses
Kinstellar advises Baiterek National Managing Holding on its second USD 500 million Eurobond issuance
Kinstellar has advised Baiterek National Managing Holding (“Baiterek”) on the placement of USD 500 million Eurobonds with a five-year maturity and a 4.65% coupon rate. The bonds were placed among a wide range of international investors from the United States, the United Kingdom, Europe, and Asia, and are listed on the Vienna Stock Exchange (Wiener Börse) and the Kazakhstan Stock Exchange (KASE). The joint bookrunners were J.P. Morgan, Société Générale, Alatau City Invest, Halyk Finance, and Teniz Capital Investment Banking. The new placement follows Baiterek’s debut Eurobond issuance in May 2025, in which Kinstellar also acted as legal counsel. That transaction involved USD 500 million senior unsecured Eurobonds