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Kinstellar hosts webinar on current developments in the CEE life sciences & healthcare sector
On 14 June 2022, Kinstellar hosted a webinar centred on current developments in the life sciences & healthcare sector across Central and Eastern Europe. We covered some of the most relevant and pressing topics currently impacting the life sciences & healthcare landscape, including (i) sector inquiries by local competition authorities in the area of life sciences; (ii) price reduction announcements and their relevance for the CEE pharma sector; and (iii) legal challenges on the use of artificial intelligence across the life sciences industry. Presentations were made by Tomáš Čihula, Eszter Takácsi-Nagy, Péter Vörös and Petr Bratský. Below we provide a brief summary: Sector inquiries
Kinstellar’s Banking & Finance team in Budapest contributes to ICLG Project Finance 2022
Kinstellar’s Banking & Finance team in Budapest is honoured to have had the opportunity to contribute the chapter on Hungary to this year’s International Comparative Legal Guide to Project Finance. The Q&A-style chapter provides an overview of the main legislative considerations—including security, bankruptcy, restrictions, insurance and arbitration—that should be taken into account by lenders and equity investors when participating in project finance transactions in Hungary. We also address the trends and recent developments in project finance in the country. You can read our chapter, coordinated by Csilla Andrékó, Partner, Budapest and Head of the firm-wide Banking & Finance and Restructuring
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
Misinformation in cyberspace
Since the war in Ukraine became the main subject of newspaper headlines, the amount of related misinformation spread online has reached new heights. As a result, several governments have adopted legislation that provides tools to combat the spread of misinformation. Below is an overview of legislation used to combat misinformation in the Central and Eastern Europe and Central Asia regions: Bulgaria It is worth noting that on 1 March 2022 the Bulgarian electronic media watchdog decided to suspend the distribution of TV channels “Russia Today” and “Sputnik” in line with the EU response to Russian military activity in Ukraine.
Long term renewable power purchase agreements with renewable energy generators
The sale of the generated electricity by renewable energy generators through market-based long-term power purchase agreements (PPAs) is a fairly new phenomenon in the Hungarian electricity market. Whilst PPAs have already been concluded between conventional power plants and off-takers in the past, the interest towards renewable PPAs has only started to increase recently, primarily for the following reasons: Firstly, over the last few years the economics of renewable energy generation has substantially improved, and renewable energy generation has become more and more competitive with conventional forms of power generation. Secondly, the governments started to gradually phase out many of the formerly existing “old school”
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.
The regulation and management of Personal Data Breaches
The most fundamental factor in the successful protection of personal data is data security. Without an adequate level of data security, it is impossible to create the conditions under which the processing of personal data can be carried out responsibly. One of the most important provisions of the European General Data Protection Regulation (2016/679/EU – abbreviated as GDPR) is the requirement that the data controller and the data processor ensure a level of data security that is proportional to the level of risk involved. And the reason for this is simple: preventing a personal data breach. A personal data breach is the most dangerous situation from a data protection point of view, as not only does it presuppose an infringement
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
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
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:
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
Kinstellar advises one of the Hungarian subsidiaries of Logicor on the sale of WestGate Business Park
Kinstellar Hungary has successfully advised one of the Hungarian subsidiaries of Logicor on the sale of WestGate Business Park comprising of warehouse and office areas with a total surface area of approximately 18 000 sqm to Biggeorge Property. The deal is one of the largest transactions of its kind on the Hungarian logistics market. The Budapest office advised on various legal aspects throughout the whole transaction covering, among others, #real estate, energy and IP related matters. Kinstellar’s team was led by Mónika Frank (Of Counsel and Co-Head of the Hungarian Real Estate practice) and supported by Bertalan Ványa (Junior Associate), Dániel Endre Nagy (Senior Associate), Péter Gullai (Senior Associate)