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Category Management Agreements: Belgian Competition Authority issues landmark decision in cartel case involving anti-competitive arrangements for the placement of OTC medicines in pharmacies
On 24 April 2025, the Belgian Competition Authority (“BCA”) announced that it had imposed fines totalling EUR 11.2 million on pharmaceutical companies Johnson & Johnson, Boehringer Ingelheim, and Haleon. The sanctions were issued following a settlement in a case concerning anti-competitive practices linked to category management agreements for over-the-counter (“OTC”) medicines. According to the European Commission Guidelines on Vertical Restraints, category management agreements are agreements whereby a distributor delegates to a supplier (the so-called “category captain”) the responsibility for marketing an entire category of products. While such agreements are generally considered unproblematic, the Guidelines
Kinstellar advises MVM Group on landmark CCGT power plant development project at the Tisza Power Plant in Hungary
Kinstellar is delighted to announce that our Budapest team has advised MVM Group on the project to build a major (approx. 1,000 MW) new combined-cycle gas turbine (CCGT) power plant in Tiszaújváros, North-East Hungary. This transaction and the Mátra CCGT power plant development were the first public procurement tenders in Hungary for such kind of power generation facilities. The new Tisza CCGT power plant will further support the energy transition of Hungary with the provision of a more reliable electricity system which is capable of integrating renewable power generation assets without endangering the security of supply. Kinstellar Budapest provided comprehensive legal support to MVM Group from the initial stages
The new Slovak Act on the Commercial Register and changes to the Commercial Code: What to expect?
The Ministry of Justice of the Slovak Republic has presented a draft of a new Act on the Commercial Register (the Draft Act), which should replace the currently valid and effective Act No. 530/2003 Coll. on the Commercial Register. The Draft Act should also amend Act No. 513/1991 Coll., the Commercial Code (the Commercial Code). The proposed effectiveness of the new act is from 1 March 2026, but the legislative process is still pending. The proposed legislation has the ambition to modernise processes in the Commercial Register, simplify certain formalities, and at the same time strengthen transparency. However, this comes with a number of fundamental changes that require increased attention. Major changes
Kinstellar and Strategy Council deliver the 3rd Defence Tech Forum in London
Following on the success of our two previous defence-tech events, Kinstellar and the Strategy Council, in partnership with the Embassy of Ukraine in the UK, were honoured to deliver the 3rd Defence Tech Forum in London on 25 April 25 at the Royal United Services Institute. The theme of the gathering was Ukrainian Technology for a New European Army: Galvanizing the private sector to meet UK-European security demands. The continued relevance of these events was underscored by His Excellency Ambassador Valeriy Zaluzhniy, former Commander-in-Chief of the Ukrainian Armed Forces. Ambassador Zaluzhniy opened the forum by summarising the changes to modern warfare and emphasising Ukraine’s position as the epicentre of real-time
Customs duties in transition: Why companies should review their customs valuations and transfer pricing policies now
Historically, customs duties are considered to be the origin of taxation. Today, looking specifically at the current U.S. administration, customs duties—better known as tariffs—are primarily used as tools of trade policy. Rising customs duties are creating uncertainties for multinational companies and supply chains. With the ongoing increases in customs duties, the question arises: How can multinational companies adequately address new tariff regulations from the tax law perspective? Customs valuation review Rising customs duties can significantly impact the cost structure of imported/exported goods and, thus, disrupt carefully planned transfer pricing arrangements and related intercompany agreements between
Ukraine strengthens rights protections for bona fide purchasers
A new law, No. 4292-IX, dated March 12, 2025 (the “Law”), amending the Civil Code of Ukraine (the “Civil Code”), recently came into effect in Ukraine. The Law is designed to increase the level of legal certainty and to protect the rights of bona fide real estate purchasers. The main novelties are: 1. Limitation periods (Article 261 of the Civil Code) It is established that the limitation period for reclamation claims, or the recognition of rights to real estate transferred from state/municipal to private ownership, starts from the date of registration of the right of the first purchaser or transfer of property (in respect of which, at the time of such a transfer, no legal requirements for state registration
EU CSRD and CSDDD – Significance of the postponement of the application date
On 14 April 2025, the Council of the EU gave its final green light on the so-called "Stop‑the‑clock Directive" postponing the application dates of the EU Corporate Sustainability Reporting Directive (EU) 2022/2464 ("CSRD") and the EU Corporate Sustainability Due Diligence Directive (EU) 2024/1760 (“CSDDD”). Who will benefit from this and what does this actually mean for the affected companies? The CSRD entered into force on 5 January 2023 and aims to ensure that investors have the information they need to understand and manage the risks to which investee companies are exposed from climate change and other sustainability issues. It also aims to ensure that investors and other stakeholders have the information they
Update on the implementation of CS3D and CSRD, and related local legislative developments in Bulgaria, Croatia, the Czech Republic, Hungary, Romania, and Slovakia
Despite the 6 July 2024 transposition deadline for the full implementation of the Corporate Sustainability Reporting Directive (CSRD), several jurisdictions – including the Czech Republic and Romania – remain subject to infringement proceedings initiated by the European Commission in September 2024 for failing to fully communicate their national measures. It remains unclear how this infringement process will proceed, particularly in light of the postponement of the second wave of the reporting obligation, as approved under the so-called “stop-the-clock” directive incorporated into the Omnibus I package. At the same time, and also as a consequence of the “stop-the-clock” directive – which postponed the
Discount for the payment of certain tax liabilities in Romania – follow-up
As described in our previous newsletter in September 2024, profit taxpayers and microenterprise income tax taxpayers in Romania benefit from a 3% discount of their annual profit/income tax liability related to fiscal year 2024/the modified fiscal year starting in 2024. The procedure for applying the aforementioned discount was approved by Order 540/2025 published on 14 April 2025. To benefit from this discount, taxpayers need to fulfil the following conditions: they must have all mandatory tax returns submitted in due time; the annual profit/income tax related to fiscal year 2024/the modified fiscal year starting in 2024, as the case may be, is paid in full within the applicable legal deadlines;
New obligations for employers in Romania: Fair wages and enhanced prevention and management of workplace discrimination and harassment
In recent years, we have seen several new obligations imposed on employers in Romania, and 2025 will be no different. Starting from January 2025, certain amendments to Romanian labour legislation entered into force, impacting employers significantly. In a nutshell, the new amendments aim to: ensure adequate minimum wages; introduce stricter rules for employers on handling workplace harassment cases; introduce new requirements to ensure gender balance in the management of companies traded on a regulated market; and adopt new measures to protect people with disabilities. Details of the new legal obligations of employers are outlined below. I. Ensuring adequate minimum
Kinstellar announces new Partner promotions
Kinstellar is delighted to announce the promotion to Partner of Magdalena Raducanu (Romania), Jan Lehký (Czech Republic), and Kuanysh Shekerbekov (Kazakhstan). Magdalena Raducanu is based in our Bucharest office and leads the Romanian Banking & Finance Service Line. She also serves as the co-head of the firm-wide Banking & Finance Service Line. Magdalena has more than 20 years of experience in all aspects of banking and financing, including project, real estate, and corporate finance as well as financial regulatory matters. Recently, she has dedicated significant efforts assisting banks on various ESG-related mandates. Magdalena joined Kinstellar in 2021 from the Bucharest office of Dentons. Since joining
Kinstellar welcomes Maja Mayrhuber, a leading Austrian tax lawyer, as Partner in Vienna
Kinstellar is delighted to announce that Maja Mayrhuber, a reputable tax lawyer, has joined our newly launched Vienna office as a Partner. Maja’s arrival marks an important step in building our tax capabilities in Austria and driving the growth of this service line across the wider C/SEE region. Maja Mayrhuber specialises in national and international tax law, with a focus on corporate taxation, tax planning, and tax advice related to international restructurings, M&A, corporate finance, and real estate transactions. Maja regularly advises both international companies and private clients on a broad spectrum of tax issues, including VAT, tax audits, transfer pricing, and fiscal criminal law. She also represents clients