NEWS & INSIGHTS
Up-to-date.

  • Home
  • News & Insights

Search by

Latest

Insights May 2024

Major changes in Bulgarian gambling regulation

In a recent legislative update in the Bulgarian Gambling Act, major changes to regulations governing organisers of gambling games and activities and gambling advertisements have been introduced. Most of the amendments enter into force on 18 May 2024. These amendments entail substantial alterations to the activities of gambling organisers, bans on advertisements (including an updated definition of gambling advertisement), and measures affecting service providers connected with the gambling industry and can be divided into the following sample groups: Advertisements ban For example: gambling advertisements on, among others, television, radio, newspapers and online media (including websites) have been totally

Insights May 2024

Ukraine temporarily exempts certain foreign-to-foreign concentrations from merger control requirements

The Ukrainian Competition Law was amended to exempt certain transactions in the military and defence sector from merger control requirements. As a result of these amendments, merger control requirements in Ukraine will not apply to foreign-to-foreign concentrations so long as the certain criteria are satisfied. Click on one of the images below or click on the following links to read the alert in English or in Ukrainian. Download in English: Download in Ukrainian:

Insights May 2024

Investing in a variable capital company in Bulgaria

In less than two months, businesses will have the opportunity to start using a new corporate vehicle available in Bulgaria – the variable capital company (“VCC”). The VCC structure has been designed to give more flexibility to founders and start-ups while reducing initial incorporation costs. But does this flexibility also benefit investors? Below are some considerations that investors should keep in mind before investing in a VCC: Increased importance of a thorough corporate due diligence – To date, entrepreneurs in Bulgaria have tended to use limited liability companies to start their businesses. Investors can quickly and easily verify the title over shares and the capital and shareholding structure

Insights May 2024

The National Bank of Ukraine significantly eases the temporary currency restrictions  

The National Bank of Ukraine (NBU) significantly eases the temporary currency restrictions imposed under martial law and, among other things, simplifies the terms of servicing residents' external borrowings and allows a number of cross-border transfers that are essential for Ukrainian businesses. Click on the following links to read the overview in English, or in Ukrainian. Download in English: Download in Ukrainian:

Insights April 2024

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

CSRD implementation: regional progress uneven as deadline draws near As the 6 July 2024 deadline for implementation of the EU Corporate Sustainability Reporting Directive (EU) 2022/2464 (the "CSRD") approaches, a new landscape of reporting standards is beginning to take shape across Central and Eastern Europe ("CEE"). Three of the six countries in CEE (the Czech Republic, Hungary and Romania) adopted legislative acts in the beginning of 2024 that, at least partially, implement the CSRD into national legislation. The progress in Slovakia, Bulgaria and Croatia however has been slower. Our third status update on the CSRD implementation in Bulgaria, Croatia, the Czech Republic, Hungary, Romania and Slovakia is available here. For

Insights April 2024

Significant changes to the Hungarian Competition Act expected in the summer

The latest proposed amendment to the Hungarian Competition Act, recently submitted to the Hungarian Parliament, would enter into force on 1 July 2024, but it has not yet been adopted. The package of amendments would cover several areas, including the introduction of a new concept of undertaking and a new exemption category from the prohibition of restrictive agreements.  Undertaking of fundamental principle The proposed amendment would introduce the concept of undertaking of fundamental principle. The Hungarian Competition Authority (HCA) would be able to determine in the context of a competition supervision procedure that an undertaking is of cross-market significance for competition and consumers. To do so, the

Insights April 2024

AMC increases fines for competition law violations in Ukraine

A so-called Procedure for Determining the Amount of Fines Imposed for the Violation of Laws on the Protection of Economic Competition (the “Procedure”) issued by the Antimonopoly Committee of Ukraine (“AMC”) in 2023, and binding since 21 February 2024, has come into force in Ukraine. The Procedure replaces the earlier AMC Recommendations on the Calculation of Fines for the Violation of Ukrainian Competition Laws. The Procedure allows the AMC to impose significantly higher fines for competition law violations in Ukraine (the percentage imposed may range from 15% to 30% of the revenue on the relevant market depending on the given violation and circumstances). Indeed, we anticipate that the Ukrainian authority will

Insights April 2024

Settlement procedure: Overview for businesses in light of Ukraine's new competition law

Building on established practices, and taking inspiration from the successful experiences of international partners, the Ukrainian competition authority (the Antimonopoly Committee of Ukraine) has introduced a settlement procedure for cartels and abuse of dominance cases. The procedure became effective on 30 January 2024 within the framework of recent competition law reforms. The procedure is designed as a "win-win" enforcement tool that can both simplify and expedite the adoption of cartel or abuse of dominance decisions, and reduce fines by 15%, provided that defendants meet the respective competition authority eligibility requirements. For more details, please see our leaflet covering this topic in English and

Insights April 2024

Amendments to the Bulgarian Labour Code

Strengthening the home-office regime and enhancing remote workplace safety As workplaces evolve and remote work remains prevalent, amendments to the Bulgarian Labour Code have been recently adopted to reshape the regulations governing home-office arrangements and remote workplace safety standards. The amendments further address the impact of digitalisation and new technologies on work and aim to improve the work-life balance of employees. Mandatory specification of remote workplace An important change is the explicit requirement to define the exact address of the remote workplace. This is already the case in practice, also in line with the authorities’ guidelines. Better clarity in the law will further help to ensure compliance

Insights April 2024

The International Register of Damage Caused by the Aggression of the Russian Federation against Ukraine is launched

The application process for the International Register of Damage Caused by the Aggression of the Russian Federation against Ukraine (the "Register") has been launched. The launch of the Register marks the next phase of the proposed International Compensation Mechanism, which is intended to be expanded and enhanced. Click on one of the images below or click on the following links to read the alert in English or in Ukrainian. Download in English: Download in Ukrainian:

Insights March 2024

Improved leniency policy: Overview for businesses in light of Ukraine's new competition law

A leniency procedure has been in place in Ukraine for many years. However, available data suggests it has been severely underutilised. A recent first stage of competition law reforms in Ukraine introduced, among other things, an improved leniency policy. The changes, implemented in February 2024, are aimed at aligning the respective local regulations more closely with EU laws. The most noteworthy changes include: in addition to full immunity for a first applicant, the programme offers a reduction in fines for other cartel participants applying for leniency; the possibility to conduct anonymous preliminary consultations with the regulator; a detailed procedure for obtaining a marker.

Insights March 2024

Key milestone in corporate governance reform: Ukraine enacts long-awaited law on the further liberalisation of the SOE sector

The Law of Ukraine “Introducing Amendments to Certain Laws of Ukraine on the Enhancement of Corporate Governance” (the “Law” or the “SOE Law”) entered into force on 8 March 2024. This Law is a significant step towards the alignment of the Ukrainian legal framework for state-owned enterprises (“SOEs”) with international best practices, particularly the OECD Guidelines for Corporate Governance of SOEs. The Kinstellar team was honoured to contribute to the drafting of the Law directly, within the framework of our cooperation with the EBRD. Reflecting this first-hand experience, Kinstellar highlights the role of the adopted Law for the SOE sector, the overall business environment and the broader post-war