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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.

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

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 May 2022

Setting up operations in Slovakia

Today’s uncertainties at the European Union’s eastern border have left companies questioning the safety of their people and the continuity of their operations in that part of the world. Businesses in the IT and BPO sectors that had found talent and growth opportunities in counties such as Ukraine, or Moldova are now rethinking their strategy and options to move operations across the border, either temporarily or permanently. Our team in Bratislava has prepared a quick overview of the most important aspects that you need to consider if you decide to move your operations to Slovakia. Download in English: Download in Ukrainian:

Insights May 2022

Unblocking the registration of presence of foreign NGOs in Ukraine

Following the introduction of martial law in Ukraine on 24 February 2022, registration actions were significantly limited and the registration of presence of foreign NGOs was suspended. On 28 April 2022, the CMU introduced further legislative amendments that have expanded the list of available registration actions. Below we provide important highlights related to the new regulations and procedures. Download in English: Download in Ukrainian:  For more information, please contact: Anastasiya Bolkhovitinova, Counsel, Head

Insights April 2022

Ukraine adapts regulations for joint stock companies to the martial law regime

During March–April 2022, the Ukrainian authorities adopted a set of measures to address the challenges and uncertainties that joint stock companies (“JSC”) have faced since the start of the war. General shareholders’ meeting On 16 March 2022, the National Securities and Stock Market Commission (“Commission”) adopted Decision No. 176 “On amendments to the temporary procedure for the calling and remote holding of general shareholders’ meetings and the general meeting of corporate investment fund participants” (“Temporary Procedure”). The Commission introduced the following key amendments applicable to JSCs during the period of martial law: during martial law a general shareholders’

Insights April 2022

Setting up operations in Turkey

With France and Austria deciding on data protection issues in relation to Google Analytics, many more countries have followed suit in relevant changes to so-called web browser cookies. In order to limit the amount and quality of data retrieved by providers from users, mainly without them realising the true scope of this data and the use of such data by providers, legislators are passing stricter rules on data collection. Below is an overview of new legislation adopted to combat the extensive collection and usage of user data: Bulgaria The current legislative environment provides a more relaxed opt-out model of user consent regarding the

Insights April 2022

Setting up operations in Romania

Today’s uncertainties at the European Union’s eastern border have left companies questioning the safety of their people and the continuity of their operations in that part of the world. Businesses in the IT and BPO sectors that had found talent and growth opportunities in counties such as Ukraine, or Moldova are now rethinking their strategy and options to move operations across the border, either temporarily or permanently. Our team in Bucharest has prepared a quick overview of the most important aspects that you need to consider if you decide to move your operations to Romania. Download and read here:

Deals April 2022

Kinstellar advises NN Group on the acquisition of a majority share in Finportal

Kinstellar’s Bratislava office has recently advised NN Group (‘NN’), a group of financial services companies providing insurance, retirement services, pensions, banking and investments in 11 countries, on the acquisition of a majority share in Finportal, the number-three financial intermediation service provider in Slovakia in terms of turnover. Companies associated under the NN brand manage pension savings and life insurance for almost one million Slovaks. Finportal brings together more than two thousand intermediaries offering comprehensive financial advice under its own name and brand. Through its investment, NN intends to further strengthen its long-term cooperation with Finportal and is seeking areas for the

News April 2022

Kinstellar partners Csilla Andrékó, Diana Dimova, Nina Tsifudina named among IFLR1000 Women Leaders in 2022

Kinstellar is delighted to announce that Csilla Andrékó (Partner in the Budapest office, and head of the firm-wide Banking & Finance service), Diana Dimova (Managing Partner of the Sofia office), and Nina Tsifudina (Partner in the Sofia office) have been recognised among the most prominent women lawyers across the world by the prestigious IFLR1000 “Women Leaders” 2022 ranking. Csilla, Diana and Nina were selected for their outstanding reputations within their markets, impressive track records working on complex deals, the quality of their advice and service, and their leadership roles with their practices. It is the third consecutive year for Diana, the fifth for Csilla, and the first that Nina has received this

News April 2022

Kinstellar wins three “Deals of the Year” at CEE Legal Matters Awards

Kinstellar is honoured to have received three “Deal of the Year” awards at the 2021 CEE Legal Matters Deal of the Year Awards.   CEE Legal Matters has recognised the outstanding work of our teams advising on: ⭐ Bulgaria: KBC Bank’s acquisition of Raiffeisenbank Bulgaria.⭐ Hungary: MVM Energia’s acquisition of companies and assets from E.ON Hungary.⭐ Montenegro: 4iG’s acquisit ion of Telenor Montenegro (a transaction coordinated by our Budapest and Belgrade teams with local counsel in Montenegro).Kinstellar was also shortlisted for advising on:⭐ Bulgaria: DZI-Life Insurance’s acquisition of NN Group’s Bulgarian pension and life insurance businesses.⭐ Turkey: Trendyol financing, creating

Insights April 2022

Setting up operations in Hungary

Today’s uncertainties at the European Union’s eastern border have left companies questioning the safety of their people and the continuity of their operations in that part of the world. Businesses in the IT and BPO sectors that had found talent and growth opportunities in countries such as Ukraine, or Moldova are now rethinking their strategy and options to move operations across the border, either temporarily or permanently. Our team in Budapest has prepared a quick overview of the most important aspects that you need to consider if you decide to move your operations to Hungary.  Download and read here: