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Under the EU's Foreign Subsidies Regulation (FSR), companies must notify the European Commission in advance of certain acquisitions, mergers or large public procurement transactions if the groups of companies involved have received financial contributions from outside the EU. Compiling the notification and gathering the necessary information can be a heavy administrative burden for companies, and failure to do so can result in fines of up to 10% of the group's worldwide turnover.

White & Case has advised dealers Bank Polska Kasa Opieki, BNP Paribas, BofA Securities Europe, Citigroup Global Markets Europe, and JP Morgan on the establishment of Bank Pekao's EUR 5 billion program for the issuance of medium-term eurobonds and first EUR 500 million issuance of 5.5% fixed-to-floating green bonds maturing in November 2027. Baker McKenzie advised Bank Pekao.

Baker McKenzie has successfully represented Google before the Court of Justice of the European Union in challenging the Austrian Communication Platforms Act, which it describes as "far-reaching content moderation legislation" aiming to regulate "large online platforms established in other EU member states."

CMS has advised coordinator and facility agent Raiffeisen Banking Group on the EUR 600 million nine-banking-group club multicurrency revolving credit facility for the MOL Group. Baker McKenzie advised the MOL Group on the deal. CMS also acted as transaction counsel on MOL's JPY 14.6 billion bilateral revolving credit facility and its EUR 50 million bilateral EUR/CNY revolving credit facility.

Baker McKenzie Turkish affiliate Esin Attorney Partnership has advised Akbank on securing a 367-day syndicated loan from international markets in two tranches: USD 265.5 million and EUR 318.45 million.

The forthcoming Consumers' Rights Protection Law ("Law") in Ukraine, scheduled to take effect on 7 July 2024 (contingent on the cancellation of martial law in Ukraine), is poised to harmonize Ukrainian consumer protection legislation with key EU norms. This new Law aims to modernize consumer protection requirements, especially in the e-commerce context.

On 19 September 2023, the Cabinet of Ministers of Ukraine and the National Bank of Ukraine adopted Regulation No. 1011, introducing a comprehensive methodology ("Methodology") to identify the ultimate beneficial owners (UBOs) of legal entities in Ukraine. This significant development aims to enhance transparency and provide detailed guidance on the process of identifying UBOs, with the ultimate goal of ensuring that legal entities in Ukraine are able to correctly identify UBOs within their ownership structure and disclose this information to the competent authorities.

Effective from 2 October 2023, Ukraine has ushered in a series of substantial amendments to its Advertising Law, aimed at modernizing advertising regulations and harmonizing them with the EU Audiovisual Media Services Directive.

Baker McKenzie has advised Echo Investment Group companies Grupa Archicom, Echo Investment, and DKR Echo Investment on offering 10 million new shares in Archicom and DKR's sale of 6.1 million existing shares. The PLN 220 million transaction was managed by the PKO BP Brokerage Office.

Baker McKenzie at a Glance

Baker McKenzie brings insight and foresight to clients across more than 70 global offices. Our team of 13,000 people, including over 6,500 lawyers, works alongside our clients to drive growth that is both sustainable – and inclusive. The global business community is more interconnected than ever before. Opportunities and risks spill across different markets, sectors and areas of law, so a connected perspective is essential in delivering business objectives while mitigating risk. Our integrated client solutions provide seamless advice, underpinned by deep practice and sector expertise, as well as first-rate local market knowledge.

In the Central and Eastern European (CEE) region, Baker McKenzie's expansion remains steadfast, with a thriving team of over legal professionals. Our footprint extends across six offices in Austria, the Czech Republic, Hungary, Poland, Türkiye, and Ukraine. As part of our global network, coupled with well-established partnerships throughout the entire CEE landscape, we proudly stand as one of the foremost international law firms in this dynamic territory. Our reputation as a premier business law firm in CEE is a testament to our extensive experience in advising on a multitude of prestigious projects and nurturing enduring client relationships.

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