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Insights February 2024

Significant changes envisaged to grid connection for new power-generation capacities in Romania

The Romanian Energy Regulatory Authority (“ANRE”) has announced important amendments to the rules for connecting new power-generation capacities to the public network. On 1 February 2024, ANRE released for public consultation a draft order (“Draft Order”) regarding the approval of the Methodology for capacity allocation of new power-generation capacities (the “Methodology”) as well as other amendments to ANRE Order no. 59/2013 approving the public grid connection regulation (the “Connection Regulation”). Comments to the Draft Order may be submitted to ANRE by 1 March 2024. The main changes introduced under the Draft Order concern (i) a change of the grid connection process applicable to power-generation

News January 2024

Kinstellar expands its Corporate M&A practice in Bucharest with a new senior hire

Kinstellar is pleased to announce that Claudia Popescu has joined the firm’s Bucharest office as Special Counsel in its Corporate M&A practice. Claudia will strengthen the office’s capabilities and will generate further support for the team in responding to the growing need for corporate and M&A projects in Romania. Claudia Popescu is specialized in M&A, Corporate and Private Equity and has more than 20 years of experience in strategically advising reputable companies on acquisitions and divestments, mergers, intra-group restructurings, regulatory and commercial matters, public offerings of securities, private equity, privatisations and other investment-related matters, including in regulated sectors.

Insights January 2024

Kinstellar contributes to International Employment Lawyer's Guide to Restructuring a Cross-Border Workforce

Kinstellar is delighted to have contributed to IEL’s Guide to Restructuring a Cross-Border Workforce 2023. In 2023, cross-border restructurings increased significantly – a trend that is expected to persist in early 2024. But conducting the process fairly, and thoroughly, poses a distinct set of hurdles for multinationals. The global guide examines and provides, across 45 jurisdictions, clear answers to the key questions facing employers when conducting a restructuring, under the following areas: Reduction in workforce Restructuring/Re-or ganisation of the business Changing terms and conditions Areas to watch Kinstellar employment team covered the following jurisdictions:

News January 2024

Kinstellar appoints new Sector and Service Line Heads and Head of German Desk

Kinstellar supports professional growth by offering a broad range of career development opportunities for our team, including the role of sector/service line head or co-head. We provide growth opportunities to all of our talented lawyers with the relevant experience and an outstanding track record. We are delighted to announce the following appointments: Csilla Andrékó, Partner in our Budapest office, is the Co-Head of the firm-wide Banking & Finance Service Line. Csilla is one of the founders of the Firm and the former Managing Partner of the Budapest office. Csilla also served as the head of the regional Banking & Finance and Restructuring & Insolvency Service Lines. She retired from active practice

Deals January 2024

Kinstellar, together with Linklaters, advises a consortium of lenders on a EUR 800 million financing agreement with AmRest

Kinstellar has recently advised a consortium of lenders on the Romanian, Czech and Hungarian legal aspects of a EUR 800 million financing agreement with fast-food operator AmRest. Led by Banco Santander, S.A. as agent, the group of lenders includes Bank Polska Kasa Opieki S.A., Powszechna Kasa Oszczędności Bank Polski S.A., Česká spořitelna, a. s., ING Bank Śląski S.A., Banco Bilbao Vizcaya Argentaria, S. A., Banco Santander, S.A., Banco Santander (Poland), BNP Paribas (Poland), and Rabobank.  AmRest is one of the leading publicly listed restaurant operators in Europe, with a portfolio of recognisable brands in 25 countries. The company operates restaurants under franchise brands such as KFC, Starbucks, Pizza

Insights December 2023

ESG reporting obligations in Bulgaria, Croatia, the Czech Republic, Hungary, Romania and Slovakia

Since the ESG reporting obligations in the EU, i.e. the Corporate Sustainability Reporting Directive (CSRD) entered into force earlier this year, the transposition clock has been ticking for Member States with a deadline expiring on 6 July 2024. Kinstellar’s ESG team is closely monitoring the implementation process in all EU countries where we are present. Our first status update on the CSRD implementation in Bulgaria, Croatia, the Czech Republic, Hungary, Romania and Slovakia is available here.  At the time of writing, the Czech Republic, Hungary, Romania and Slovakia have proposed draft laws implementing the CSRD, while Bulgaria and Croatia have set up working groups to prepare draft legal acts. In any event

Insights December 2023

Romania transposes the ECN+ Directive, further strengthening the Competition Council’s investigative powers

Facing EU infringement concerns, Romania has finally adopted an ordinance amending the Competition Law no. 21/1996 (the “Competition Law”), aimed at fully transposing into local law EU Directive 1/2019 to empower the competition authorities of the Member States to be more effective enforcers and to ensure the proper functioning of the internal market (the “ECN+ Directive”). This was carried out through Government Emergency Ordinance no. 108/2023 (“GEO 108/2023”), published in the Official Gazette on 6 December 2023. GEO 108/2023 goes further than merely transposing the provisions of the ECN+ Directive (as some of the principles in the directive had already been reflected under national law previously)

Insights December 2023

Gotta catch 'em all: Extending the scope of the Romanian FDI Screening Regime to EU investors and below-control acquisitions

A little over one year since Romania’s new foreign direct investment (“FDI”) screening regime (that we previously wrote about here and here) became fully operational, the Romanian government passed an emergency ordinance meant to further clarify particular aspects under the law (such as the scope of the screening regime, which is further extended) or to translate into law the lessons learnt or the authorities’ reading of the rules since applying the new FDI law.   The new changes to the FDI law were introduced by Government Emergency Ordinance no. 108/2023 on amending the supplementing Competition Law no. 21/1996, as well as other normative acts (the “FDI Amendment Law”, published in the Official Gazette

News November 2023

New senior hires boost Kinstellar Bucharest’s already market-leading real estate practice

Kinstellar is delighted to announce further hires: the additions of Corina Stanciu (Senior Associate) and Cristiana Mic-Soare (Special Counsel) to the Bucharest office’s real estate service line, thus even further strengthening the firm’s market-leading expertise in real estate and related sectors. Corina Stanciu joined the team as a Senior Associate. She has years of experience: she has assisted real estate investors and developers on real estate transactions, project development and construction permitting, covering the full range of business sectors: commercial / retail, office, industrial, logistics, residential, agriculture, renewable energy. She advised on day-to-day real estate, construction, regulatory

Deals November 2023

Kinstellar advises I Squared Capital on the acquisition of Arriva Group

Kinstellar, together with Skadden, Arps, Slate, Meagher & Flom as the lead counsel, has successfully advised Miami-based I Squared Capital, a leading global infrastructure investment manager, on the multi-jurisdictional acquisition of the entire Arriva Group, an international transport business of Deutsche Bahn. The sale is expected to close in 2024. Kinstellar delivered a comprehensive range of legal services. This included conducting due diligence and offering regulatory advice that spanned multiple Central and Eastern European (CEE) countries. Kinstellar also provided transactional advice, with a specific focus on local law requirements arising in connection with the negotiation of the SPA and completion of the

Insights November 2023

Renewable Energy – Simplified legislation in favour of national interest projects and state entities in Romania

On Friday 27 October 2023, GEO 91/2023, regarding certain measures related to the exercise of the state's public and private property rights, as well as the efficient administration of state properties and the amendment of some normative acts (“GEO 91/2023”), entered into force. Among others, by means of GEO 91/2023, long-criticised measures that substantially favour state entities and national interest projects have been enacted.  The main amendments brought by GEO 91/2023 with potential high impact on the renewable energy sector: It is now easier for state entities to develop projects located outside a buildable area for surfaces exceeding 50 ha and for national

Insights October 2023

Cannabis use: CEE regulatory update

Significant changes in the regulation of cannabis use have occurred in some countries in Central and Eastern Europe since our last report. In addition to a number of countries gradually legalising the use of cannabis for medical purposes, increasing efforts by some countries are being seen to also legalise the use of cannabis for recreational use, as well as the use of other products containing various cannabinoids, most importantly cannabidiol (CBD). Click here to read a summary of recent changes related to the national regulation of this rapidly growing sector across Central and Eastern Europe. For any other details or information, please contact Tomáš Čihula, Partner. Contributors: