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Alternative distribution models in the automotive sector: Consumer protections and liabilities
Alternative distribution models based on direct sales to consumers can be carried out with the varied involvement of traditional dealers. This means, among other things, producers taking on a significant number of consumer law obligations previously borne by dealers. In any event, the actual liability of producers in relation to direct sales depends on the respective contractual terms between manufacturers and agents. For example, in Austria, the differing contractual terms between a producer and agent, and an agent and customer, can lead to the following scenarios: a) a commercial agent selling vehicles in the name of the manufacturer while the manufacturer as the seller remains fully liable in terms of contractual
NIS2 and the New Serbian Law on Information Security
The Republic of Serbia has adopted a new Law on Information Security (Zakon o informacionoj bezbednosti) (“Serbian NIS2”), marking a significant reform of the national cybersecurity framework and alignment with the EU NIS2 Directive. The Serbian NIS2 broadens the range of regulated entities, strengthens institutional coordination, and introduces clearer obligations for organisations operating ICT systems of special importance. Secondary legislation is expected in 2025–2026, and the previous law remains partially applicable until the end of 2025 to secure continuity during the transition period. This article provides an overview of the key novelties introduced by the Serbian NIS2, together with an outline of the
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 Conexio on the sale of a strategic telecommunications infrastructure asset to EXA Infrastructure
Kinstellar has recently advised Conexio on the successful sale of a strategic telecommunications infrastructure asset to EXA Infrastructure, in Serbia. The transaction involved a metro network stretching 860 km, along main Serbian highway corridors, offering the shortest border-to-border routes with low latency and high reliability. The network connects the key Serbian cities of Belgrade, Niš, and Novi Sad, linking to the international borders of Croatia, Hungary, Bulgaria, and North Macedonia, where it interconnects with all major carriers, forming a vital digital backbone for regional connectivity. Kinstellar provided full legal support on this multi-million euro infrastructure asset deal, covering transaction
Alternative distribution models in the automotive sector: Contractual law issues
The European automotive industry is in the midst of a profound transformation. Traditional dealership networks are being redefined, with manufacturers increasingly weighing direct-to-consumer, agency, or hybrid sales models. While such innovations can enhance brand control and customer engagement on the part of manufacturers, they also raise complex contractual law issues related to commercial and legal sustainability. At the centre of these challenges is the reality that altering hitherto existing distribution models requires substantial changes to existing contractual relationships. After all, most dealership agreements contain detailed provisions on exclusivity, termination rights, and non-compete obligations. Failure
Transitioning to an agency model in automotive sales: The pros and cons from a legal perspective
The automotive industry is entering a new era – not only in terms of technology and electromobility but also in terms of how vehicles are sold. Certain manufacturers are shifting away from the traditional dealership model towards alternative sales models, such as agency system, while many others remain wary about the viability of such alternatives. Traditionally, manufacturers would sell cars through dealerships, who acted both as buyers and as agents. Dealers would typically purchase vehicles, hold inventory, and then sell cars to customers, earning profits from sales margins and commissions. Under the new agency model, dealers will act as sales agents directly for manufacturers. They will thus no longer purchase
Increase of attorney fees in Serbia: Running in place or running ahead?
From 5 July 2025, legal services provided by attorneys in the Republic of Serbia are billed in accordance with the new Tariff on Attorneys’ Fees and Reimbursements. The Managing Board of the Bar Association of Serbia decided to increase the value of one tariff unit from 45 dinars to 50 dinars, and the decision was published in the Official Gazette of the Republic of Serbia No. 56/2025. On paper, this looks like simple news: five dinars more per tariff unit. But for attorneys, the question is whether this really counts as an increase, or if it is just an illusion of growth that inflation has already swallowed. Tariff unit: The attorney’s currency For those who do not practice law every day, it is important
Serbia’s new law on beneficial ownership: Key changes you need to know
Serbia's new Law on the Central Register of Beneficial Owners (“Official Gazette of the RS”, No. 19/2025, 51/2025 and 60/2025, “Law“) has been adopted and effective since 14 March 2025. Most provisions apply from 1 October 2025, except a few provisions concerning: the obligation of legal entities to retain documents supporting the beneficial owner registration, including identification files, which applies immediately from the Law's entry into force, as well as the associated misdemeanour offence for non‑compliance; and the interconnection of the Central Register of Beneficial Owners (“Central Register”) with the European Central Platform, which applies from the
Kinstellar advises MVM on the acquisition of companies in Serbia
We are proud to support MVM, Hungary’s state-owned energy company, in expanding its presence in Serbia. Our Budapest and Belgrade offices jointly advised on the signing of the transaction documents for the acquisition of majority shares in Energotehnika Južna Bačka and Elektromontaža Kraljevo - raising MVM’s share from 33.4% to 60%. Energotehnika Južna Bačka and Elektromontaža Kraljevo are among Serbia’s leading energy infrastructure companies, with decades of experience and strong market reputations. This strategic move reflects MVM’s long-term commitment to the Western Balkans and strengthens its role in the region’s energy infrastructure. Serbia’s geographic position and favorable market conditions
Kinstellar advises Altenova on legal aspects of the partnership between the Pyronova Group and Altebra Group across six jurisdictions
Kinstellar is pleased to announce that our team has assisted Altebra on its merger with Pyronova Group—forming a new European leader in active fire protection under the name “Altenova”. Pyronov a Group is an international fire protection company headquartered in Bratislava, Slovakia. The transaction involves Pyronova and its subsidiaries in the Czech Republic, Hungary, Romania, Serbia, Slovakia, Germany and Ukraine, marking a significant milestone in Altebra Group’s strategic expansion across Central and Eastern Europe. Pyronova is a well-established supplier of innovative fire safety solutions, with a strong regional presence. Altebra Group is a market leader in active fire protection with operations across
Kinstellar supports Banca Intesa in its mini-bonds transaction with Diopta
Kinstellar is pleased to have supported Banca Intesa with the first issuance of collateral-free mini bonds in Serbia - a significant milestone in the development of the local capital market. This innovative transaction, worth RSD 470 million, was arranged for Diopta, a leading optical retailer in the Western Balkans. It marks a significant advancement in the expansion of financing opportunities for SMEs. Throughout this pioneering issuance, we advised Banca Intesa, ensuring a secure and efficient legal framework aligned with the highest market standards. The deal forms part of the Minibond initiative by the Intesa Sanpaolo Group, which aims to promote sustainable economic growth and develop capital markets across
Abuse of sick leave in Serbia: Legal perspectives on employees performing paid work during sick leave
According to the established case law of the Serbian Supreme Court, sick leave abuse occurs when sick leave is used at a time when an employee is not actually ill and is capable of working, as well as when an employee, during the period of incapacity, behaves in a manner contrary to the prescribed treatment or purpose for which sick leave was approved. Therefore, in the court’s view, for an abuse of sick leave to occur, the employee’s conduct depending on the nature of their illness must prevent their recovery or worsen their health condition. Consequently, in relation to court proceedings and the position taken by the court, the fact that an employee is engaged in other income-generating activities during their sick