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News June 2022

The perfect storm in business through the prism of global risks

"The Perfect Storm in Business through the Prism of Global Risks" was the topic of a panel discussion held on 19 May 2022 at the Metropol Hotel in Belgrade, jointly organized by the Business Intelligence Institute, TPA Srbija, Joint Law Office Marić in cooperation with Kinstellar and Samer & Co. Shipping. The oxymoron "Perfect Storm" means any event in which the situation is drastically complicated by an extremely rare set of circumstances. Rising raw material prices, the consequences of the pandemic, green transformation and global conflicts are topics that are on the agenda of all companies. The complexity of the current situation is reflected in its implications, including investments, companies, geopolitics, local

Insights May 2022

5G auctions

As the process of 5G coverage expansion continues, we bring you a short status update on 5G auctions and 5G rollout in the Central and Eastern Europe and Central Asia regions. Kazakhstan Frequency already allocated: 3.5 GHz. Announced / expected 5G auctions: Three lots each for 100 MHz around 3.5 GHz will be sold at auctions that are planned for the end of May 2022. One lot per city—Almaty, Nur-Sultan and Shymkent—will be offered. Stage of 5G auctions and auction method: The relevant law and regulations for holding auctions have been adopted. Auctions will be held in two stages. At the first stage the bidders' compliance with qualification requirements

Insights May 2022

Transposition of New Deal for Consumers (Omnibus Directive, SGD, DCD)

Nearly a year has passed since the lapse of the transposition period for the Digital Content Directive and the Sale of Goods Directive, which brought important changes to national consumer protection rules. However, many jurisdictions still have not implemented the Directives. We are closely monitoring the implementation process in our EU jurisdictions. Below is an overview of the implementation status of the Directives in the remaining EU Member States where Kinstellar operates that have not yet implemented the Directivesand a brief summary of the main changes and the expected country-specific implications for business. In addition, we bring you information from several non-EU countries that have taken inspiration from the

Insights May 2022

Cookies: New Legislation

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 use of cookies.

Insights May 2022

Cybersecurity in Emerging Europe and Central Asia

With the invasion of Ukraine and a substantial increase in cyberattacks on governments, critical infrastructure and other strategic targets, the topic of cybersecurity has gained even more importance. Below is an overview of the steps that national security authorities have taken to strengthen national security. Bulgaria On 24 November 2021, the Bulgarian government designated the State e-Government Agency as a national coordination centre for the purposes of Regulation (EU) 2021/887. The establishment of the coordination centre is expected to contribute to achieving a high level of network and information security, thus boosting the standards and

Insights April 2022

Data Privacy Concerns in the Metaverse. May the privacy be with us!

All of us have concerns regarding data privacy in the metaverse. Countless questions come to mind, such as: What is the metaverse? Can a digital personality be considered as personal data? What happens if digital data is processed? In this short article we touch on the metaverse’s main data privacy concerns.  What is the metaverse? The metaverse is a virtual world that relies on multiple technologies such as virtual reality, blockchain, artificial intelligence, etc. There is no longer just one world like the real world anymore. A new virtual-world era has begun with the advent of different metaverses such as Horizon, Decentraland, Sandbox, and Upland, and it appears that their number will continue to increase.

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 Serbia

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, Moldova, Belarus, and Russia are now rethinking their strategy and options to move operations across the border, either temporarily or permanently. Our team in Belgrade has prepared a quick overview of the most important aspects that you need to consider if you decide to move your operations to Serbia. Download and read here:

Deals March 2022

Kinstellar advises MVM Group on the acquisition of a direct stake in two leading energy utility construction companies in Serbia

Kinstellar is proud to have advised MVM Group, one of the leading regional energy groups, on entering into a share purchase agreement with the Serbian Maneks Group in connection with the acquisition of a 33.4% stake in Energotehnika Južna Bačka and Elektromontaža Kraljevo, two leading Serbian utility construction companies. The acquisition enhances MVM Group’s ability to increase its presence in Serbia and in the western Balkan region, in line with its regional expansion strategy. The transaction is expected to close in the second quarter of 2022. The Kinstellar team was led by Branislav Marić, Managing Partner of our Belgrade office, with the support of Andreja Vražalić and Nikola Stojiljković (Managing

Insights February 2022

Update of current eHealth trends in CEE and Turkey

As previously reported, eHealth (including telemedicine) has been one of the fastest growing areas within the healthcare sector over the last two years. Governments as well as healthcare sector operators across Central and Eastern Europe and Turkey continue to implement new solutions with a view to improving the provision of healthcare services and to enhance the digitalization of healthcare systems. Private healthcare providers and the various newly created eHealth providers and start-ups are crucial in pushing development in this highly dynamic area. Innovative solutions include online consultations and health examinations, the possibility of remote patient health data monitoring as well as electronic drug prescriptions.

Insights February 2022

The Serbian Financial Collateral Act: Love at Second Sight?

The adoption of the Financial Collateral Act (FCA) in 2018 was widely regarded as a great addition to Serbia’s financial law infrastructure. Nevertheless, more than three years later, the FCA's full potential has largely remained untapped. The key reason lies in its narrow scope in terms of covered counterparties and eligible transactions. Although the FCA delivered adequate protections for close-out netting in financial transactions among eligible counterparties (i.e., mostly sovereign and financial sector entities), it still does not protect close-out netting in transactions that involve corporate counterparties. Perhaps the time has come for the Serbian legislature to consider suggested updates to the FCA so that market

Deals November 2021

Kinstellar advises Komercijalna Banka a.d., Beograd on the sale of Komercijalna Banka a.d., Banja Luka

Kinstellar is delighted to announce that on 27 October 2021, our client, Komercijalna Banka a.d., Beograd (“KB”), and Banka Poštanska Štedionica a.d., Beograd (“BPŠ’’) executed a Sale and Purchase Agreement for the sale of 100% ordinary shares of Komercijalna Banka a.d., Banja Luka. The completion of the sale is envisaged by 31 March 2022, subject to receipt of requisite regulatory approvals.   Kinstellar congratulates both KB and BPŠ on this regional transaction and looks forward to continued successful cooperation with both parties!  The Kinstellar team was led by Denise R Hamer, Head of C/SEE Asset Solutions / Co-Head of C/SEE Restructuring & Insolvency, and Branislav Marić, Belgrade