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Insights March 2024

The AI Act is adopted, what to do now?

On March 13th the EU Parliament adopted the AI Act, marking a significant milestone in shaping the region's AI landscape. The Act will be published in the Official Journal of the European Union, and 20 days after publication, the AI Act will enter into force. Although it will take two full years until the grace period passes and almost all provisions will be applicable, AI providers should be aware of the detailed schedule of applicability. In addition, as the AI Act has extraterritorial scope, it does not only concern the 27 Member States of the European Union, but any AI provider worldwide whose AI systems are placed on the market or put into service in the EU. The first deadline expires in six months, as the rules

Insights March 2024

EUIPO offers SMEs trade mark and design grants of up to EUR 1,350 again in 2024, available also for Ukrainian SMEs

The European Commission and European Intellectual Property Office (“EUIPO”) have once again launched a small and medium-sized business fund (“SME Fund”) to provide reimbursement for trade mark and design application fees and pre-diagnostic services. The 2024 SME Fund is the third and last call of this initiative, following the 2022 and 2023 SME Funds. The grant scheme, designed to encourage SMEs to expand their intellectual property (“IP”) portfolios, has a budget of more than EUR 21 million, available on a first-come, first-serve basis. The submission period for applications runs from 22 January to 6 December 2024. Read more in the brochure below: DOWNLOAD IN ENGLISH  In case of

Insights March 2024

Implications of US Passage of the Foreign Extortion Prevention Act

The United States Congress passed the Foreign Extortion Prevention Act (FEPA) as an integral part of the National Defense Authorization Act for Fiscal Year 2024 (NDAA) on 14 December 2023. President Biden signed the NDAA into law on 22 December 2023. FEPA imposes extraterritorial criminal liability on foreign officials who solicit and/or accept improper financial gain, either for their own benefit or that of a third party – either from (i) US nationals, (ii) US legal persons, and also (iii) any other person currently present within the US borders at the time of any such activity. FEPA is a long overdue addition to the US Foreign Corrupt Practices Act (FCPA) mechanism. Click on one of the images below or click on

Insights February 2024

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

With the 6 July 2024 deadline for the implementation of the EU Corporate Sustainability Reporting Directive (EU) 2022/2464 (the "CSRD”) looming, Member States across the EU have been moving at different speeds to adopt their respective local implementing legislation. Our second status update on the CSRD implementation in Bulgaria, Croatia, the Czech Republic, Hungary, Romania and Slovakia is available here. At the time of writing, three of the six countries in Central and Eastern Europe that we have been following – the Czech Republic, Hungary and Romania – have already adopted legislative acts that, at least partially, implement the CSRD into national legislation. Slovakia has brought a draft act to parliament

Insights February 2024

Google ends geofence warrants

Location data has become an integral part of everyday digital life, providing easier navigation through various digital tools, such as maps. Despite the importance of making navigation easier, the need to preserve data privacy, such as location data, has been cast to the shadows. In light of this misuse of our private data, Google is finally set to implement a ground-breaking update for its widely used mapping service, Google Maps. The update relates to a change in the way Google stores data: instead of on the cloud, data will be stored on users’ devices. The anticipated update aims to prevent authorities from accessing users’ location history data through geofence warrants, which have long been considered controversial

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

News December 2023

Kristóf Ferenczi is appointed Firm Managing Partner of Kinstellar

Kinstellar is delighted to announce that Kristóf Ferenczi has been appointed as new Firm Managing Partner effective from 1 January 2024. He will succeed Patrik Bolf, who will take on a new position within the Firm focusing on certain firm-wide projects, after having spent a very successful six years in the role. Kristóf Ferenczi has extensive executive management experience having served on Kinstellar’s Firm Management Committee since 2018 and as the Managing Partner of the Firm’s Budapest office. With over 20 years of experience, Kristóf has been with Kinstellar since the Firm’s foundation 15 years ago, and prior to that with Linklaters and DLA Piper. Kristóf is a very well-regarded energy sector specialist

Deals December 2023

Kinstellar advises Nova Ljubljanska Banka, d.d. (NLB) on the acquisition of Summit Leasing Slovenia

Kinstellar has successfully advised Slovenia's largest banking group, Nova Ljubljanska Banka, d.d. Ljubljana ("NLB"), on the acquisition of 100% shareholding in SLS Holdco, the parent company of Summit Leasing, a leading provider of car financing in Slovenia, and its subsidiaries, from funds managed by affiliates of Apollo Global Management and the European Bank for Reconstruction and Development (EBRD).    Completion of the transaction is subject to regulatory and anti-trust approvals and is planned for the second half of 2024. The acquisition would make NLB the first and only financial institution in the region to cover all leasing markets of the former Yugoslavia. Summit Leasing has a vast network

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:

News October 2023

Kinstellar welcomes Sava Savov as Partner

Kinstellar is delighted to announce that Sava Savov has joined the firm as a Partner. In his new role, Sava will support Kinstellar’s international transactional offering and will also work with the executive team on various strategic initiatives of the firm. Sava Savov has an established reputation as a leading corporate and private equity lawyer. During his nearly two decades of experience, he has built a very successful career. His practice covers all areas of private equity, special situations and corporate law, including: acquisitions and disposals; distressed situations and restructuring; structured equity and other special situations; platform formations and investments; management equity; fund formation; and

Insights September 2023

EU publishes new regulation on alternative fuel infrastructure

At the end of September, the long-awaited Regulation (EU) 2023/1804) on the deployment of alternative fuel infrastructure, and repealing Directive 2014/94/EU (“AFIR”) was published in the Official Journal of the European Union. Though the entry into force of AFIR is 13 April 2024, it is worth reviewing the key takeaways that the AFIR introduces as part of the EU’s Fit for 55 package.   The AFIR sets binding national targets for the development of adequate EU alternative fuel infrastructure. The new regulation also establishes common technical specifications and requirements regarding the information to vehicle users for the provision of data and payment requirements. The AFIR includes detailed regulations regarding

Insights July 2023

Workforce restructuring in Central, Eastern and South-Eastern Europe

Recent economic and regulatory trends such as high inflation rates and the need to transition to a green economy have pressured employers to consider cost cutting measures. Organisations have various responses with many taking steps to reduce labour costs and/or reallocate resources which may lead to recruitment freezes or even redundancies. These measures come with their legal risks which are greater in some jurisdictions over others. Although EU legislation sets certain minimum standards for termination of employment and mass lay-offs across all EU Member States, local rules vary widely in terms of timing, costs, employee protection, and litigation risks. In some cases, upskilling or reskilling of employees could be an