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Insights February 2024

Recent regulatory developments regarding the use of body cameras in Hungary

 The use of body cameras by law enforcement (both police forces and local government) and private security services started almost two decades ago and has been becoming more and more ubiquitous globally. It is of course a challenge in terms of privacy, as it is not only a relatively new technology where the social discourse has not had the time to form a common societal position, but it is also very invasive as in most cases people interacting with the wearer do not have the choice to use or not use the camera system. National and international authorities are just starting to form their opinion and issue guidelines on the use of body cameras, that is why it is notable that the Hungarian data protection authority

Insights January 2024

Hungarian Government's decree on reducing food inflation to enter into force

The Hungarian government's decree on measures to combat the so-called “shrinkflation” will enter into force on 1 February 2024. “Shrinkflation” refers to the hidden raising of prices by reducing the size of products. The measures apply to pre-packaged products that are sold by retailers in one or more sizes in a uniform appearance. The new measures primarily affect convenience store retailers with a net turnover of more than HUF 1 billion, but also expressly impose obligations on manufacturers. Moreover, the obligations of manufacturers forms the basis of compliance. The manufacturer (or the first distributor/wholesaler in Hungary) is obliged to inform both the retailer and the National Food Chain Safety

Insights January 2024

New legislation in the real estate sector in Hungary

With the adoption in 2023 of Act C on Hungarian Architecture (the "New Legislation"), Hungary’s parliament amended several laws affecting the real estate sector, some of which entered into force on 30 December 2023. At the same time, the New Legislation repeals certain laws, or provisions thereof, including Act LIII on the Acceleration and Simplification of the Implementation of Investments of Special Importance to the National Economy (2006) (the “Previous Legislation”). Among the new changes, special attention should be given to the rules on prioritised investment projects. Below we provide a brief overview of several important provisions. A construction works project and administrative matters relating

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 January 2024

Attention, Real Estate Developers and Energy Professionals in Hungary! The legal framework of the world behind the meter has arrived!

As of 1 January 2024, material amendments to several Hungarian energy laws have come into effect, including, among others, the Hungarian Electricity Act (Act LXXXVI of 2007), which has been significantly changed. These changes materially affect decentralised (local) power generation, which has been a focus of the real estate industry in recent times. Below we provide an overview of the main changes in Hungary that may facilitate local power generation, storage, and procurement from electricity sources other than power traders. The long-awaited change to the concept of a private power distribution line (in Hungarian: magánvezeték), based on the EU’s definition of a “closed distribution system,” ensures the appropriate

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

News December 2023

Balázs Sepsey is appointed Office Managing Partner of Kinstellar’s Budapest office

Kinstellar is delighted to announce that Balázs Sepsey has been appointed as new Office Managing Partner of Kinstellar’s Budapest office effective from 1 January 2024. Balázs takes over from Kristóf Ferenczi, who has been appointed Kinstellar’s Firm Managing Partner. Rising over the years from Junior Associate to Partner in 2021, Balázs has become one of the finest acknowledged professionals in his field. A recognised energy market expert, Balázs has been a key driver of the growth and success of the Budapest energy practice over the years. As a member of the Budapest office’s management team and a mentor in the local mentoring scheme, Balázs has gained a strong understanding of our culture and values.

Insights November 2023

“Green Claims” in the Czech Republic, Slovakia and Hungary

On 22 March 2023, the European Commission published a proposal for a Directive on Green Claims. The proposed Directive aims to tackle false environmental claims by ensuring that consumers receive reliable, comparable and verifiable environmental information on products and services across the European Union. By laying down clear criteria on how companies should evidence environmental claims, along with mandating an EU labelling scheme and new enforcement procedures to secure compliance, the Directive on Green Claims is designed to enable better environmental decision-making by consumers and to reduce so called “green washing” (spurious environmentally friendly claims). However, it will likely still be some time before

Deals November 2023

Kinstellar advises Jacquet Metals on a multi-jurisdictional acquisition

Kinstellar, together with Veil Jourde as lead counsel, has successfully advised Jacquet Metals, a European leader in the customisation and distribution of specialty metals, on the multi-jurisdictional acquisition of several distribution companies from Swiss Steel Group, a world leader in the production of specialty long steel.  Kinstellar provided a full range of legal services to support the transaction, including due diligence and regulatory advice covering several Central and Eastern European countries. We also provided transactional advice, with a focus on the local law requirements arising in connection with the negotiation of the SPA and the completion of the transaction. The Kinstellar team, including

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