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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.

Insights May 2022

Ukraine introduces a new type of sanction

Since the outbreak of the war in Ukraine, there has been a plethora of new legislation establishing mechanisms for an adequate political and legal response to Russian aggression against Ukraine. Another such mechanism was introduced on 13 May 2022, when the Parliament of Ukraine adopted a new law amending the existing sanctions legislation. The law enacts a new type of sanction amounting to the foreclosure of assets in the state's favour. This new sanction is now applicable to both companies and individuals that cause significant damage to the national security of Ukraine. The law came into force on 24 May 2022. Below we provide important highlights and the main points to consider regarding the new type of sanction

News October 2021

Kinstellar strengthens its Compliance, Risk and Sensitive Investigation service line in Hungary

Kinstellar is delighted to announce that senior compliance expert Mária Dárdai has joined the firm’s Budapest office as Special Counsel. Her addition to the firm strengthens our expertise in the compliance area, particularly relating to whistleblowing projects, sensitive investigations and compliance matters. Mária has significant expertise and an established track record handling a wide array of compliance cases and sensitive investigations across various industries in Hungary and abroad. She also has experience establishing compliance management and whistleblowing systems and platforms, including training. Prior to joining Kinstellar, Mária was general counsel and compliance officer at various large corporations

Insights October 2021

Ukraine: The deadline to fulfil UBO disclosure requirements extended until July 2022

On 10 October 2021, Law of Ukraine No.1805-IX “On Amendments to the Law of Ukraine on the Prevention and Counteraction to the Legalisation (Laundering) of Proceeds from Crime, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction” (the “Law”) came into force. The Law extends the deadline for the mandatory submission of information regarding ownership structures and ultimate beneficial owners (“UBOs”) of Ukrainian legal entities by nine months (i.e., until 11 July 2022). This is a long-awaited initiative that will provide companies with sufficient time to comply with the new UBO disclosure requirements.   Please note that earlier this year, on 11 July 2021, the Ministry

Insights February 2021

Crucial changes to Czech UBO Register legal framework – Sanctions apply from 1 June 2021

The Czech parliament has recently passed a new Act on UBO Register, no. 37/2021 Coll. (the “New UBO Act”) effective from 1 June 2021, which implements the EU’s Anti-money Laundering Directive no. V (AMLD V). From 1 January 2018, Czech law has required that all companies register their ultimate beneficial owners (“UBOs”) in the Czech UBO Register (the “Register”). The New UBO Act introduces crucial changes to the legal framework regulating both the Register and UBOs. In particular, it introduces updated definitions, public access to data, and significant sanctions for non-compliance. Change of UBO definition The former definition of a UBO did not always yield a clear UBO determination. The New UBO

Insights November 2020

New restrictions for State Officials in Kazakhstan imposed by amendments to anti-corruption legislation

New anti-corruption rules for State Officials in Kazakhstan are now in force following the recently approved Law “On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Anti-Corruption Issues”. As a result, the Civil Code, the State Service Law and the Anti-corruption Law have been amended with effect from 18 October 2020 (the “Amendments”). This overview of the new rules introduced by the Amendments is intended as a helpful guide—it is not comprehensive and does not constitute legal advice. 1. Gifts The Amendments impose an absolute ban on giving gifts to State Officials for their actions (or inaction) for the benefit of the giver, if such actions are within their official

News November 2020

Kinstellar ranks among the world's top corporate investigation law firms in the 2020 edition of GIR 100

Kinstellar is honoured to be included in the 2020 edition of the GIR 100—an annual guide to the world’s leading law firms for corporate investigations. Kinstellar has been ranked among the top-100 firms worldwide capable of handling sophisticated cross-border government-led and internal investigations annually since 2017. We are particularly proud to be the only independent, CEE-based law firm acknowledged as a leader in the field by this internationally recognised, high-profile publication. Published by Global Investigations Review and independently compiled and written by GIR editorial staff, the GIR 100 is a guide to the world’s leading firms for cross-border corporate investigations. Each firm is included based

Insights March 2020

Czech Republic: Inspection of persons entering company premises during the coronavirus pandemic in compliance with GDPR

27 March 2020 – This overview outlines the essential dos and don’ts of potential preventative measures associated with the presence of persons in company premises, whether employees, visitors, couriers or anyone else. Please click on the image below to open the file containing useful information in full size.     For more information please contact Štěpánka Havlíková at stepanka.havlikova@kinstellar. com, or Tereza Mašková at

News January 2020

Counsel Iryna Nikolayevska shortlisted for the C5 2020 Women in Compliance Awards

We are proud to announce that Iryna Nikolayevska, Counsel and Head of the firm’s Compliance practice in Kyiv, has been shortlisted for the C5 "Women in Compliance Awards 2020", which recognises female compliance champions around the globe. Iryna is nominated in the category “Compliance Lawyer of the Year” and is the only representative from Eastern Europe among a number of professionals from the US, the UK, and Italy. The winners will be announced at a gala ceremony in London, UK, on 26 March 2020. About C5 "Women in Compliance Awards 2020” The Women in Compliance Awards recognise and celebrate the achievements that female compliance professionals make every day in the world of compliance and business

News November 2019

Kinstellar co-organises conference on the implementation in Hungary of the ISO 37001 anti-corruption standard

Ákos Nagy, Partner in Kinstellar’s Budapest office and co-head of the firm’s Compliance, Risk and Sensitive Investigations (CRSI) practice, and his colleague Áron Barta gave a presentation on 14 November 2019 at a conference co-organised by Kinstellar to discuss the implementation in Hungary of the ISO 37001 standard on Anti-Corruption Management Systems. The event, co-organised by Ernst & Young (EY) and the Hungarian Bureau of Standardization (MSZT), was well attended and attracted many corporate executives, compliance professionals, lawyers and public sector executives. During their presentation Ákos Nagy and Áron Barta emphasised that the ISO 37001 standard provides a flexible prevention, identification

News November 2019

Kinstellar is ranked in GIR 100 among the world's top corporate investigation law firms for the third consecutive year

Kinstellar is honoured to be included in the 2019 edition of the GIR 100 — an annual guide to the world’s leading law firms for corporate investigations. This is the third consecutive year that Kinstellar is ranked among the top-100 firms worldwide capable of handling sophisticated cross-border government-led and internal investigations, and we are proud to be the only independent, CEE-based law firm acknowledged as a leader in the field by this internationally recognised, high-profile publication. Published by Global Investigations Review and independently compiled and written by GIR editorial staff, the GIR 100 is a guide to the world’s leading firms for cross-border corporate investigations. Each firm is included

News October 2019

Kinstellar strengthens its team in Turkey with appointment of Bulut Girgin as Counsel and head of Competition and Compliance

Kinstellar, Emerging Europe and Central Asia’s leading independent law firm, is delighted to announce that Bulut Girgin has joined the Istanbul office as Counsel and head of the firm’s local Competition and Compliance practice. Bulut Girgin has over 10 years of experience in competition law, regulated industries and compliance. He has advised clients in diverse sectors including telecommunications, FMCG, automotive, construction, media and technology. Bulut has represented various multinational and national companies before the Turkish Competition Board, administrative courts and the Council of State regarding cartel and abuse of dominance investigations and has filed numerous M&A and negative clearance