On November 14, 2024, banking and finance experts from Albania, Austria, Bosnia and Herzegovina, Bulgaria, North Macedonia, and Poland sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss digitalization and the impact of tech on the banking sector in CEE.

The long-anticipated initiative to establish a new legal framework for personal data protection in Albania is finally moving forward, as the Council of Ministers has approved a draft law that aligns closely with the European Union’s General Data Protection Regulation (GDPR). This proposed legislation promises to bring significance in this important but frequently underappreciated legal domain. With its comprehensive approach and alignment with EU standards, the new law aims to greatly improve privacy protection in the national context.

New Joint Instruction No. 196/2024, “On cooperation between the Ministry of Internal Affairs, Ministry of Economy, Culture, and Innovation, and the State Intelligence Service regarding the issuance of residence permits for foreigners” (the “Instruction”), came into effect on 22 October 2024. This Instruction, aimed at clarifying and improving coordination among public institutions, does not amend existing residence or unique permit (i.e., a residence permit issued for employment purposes that combines both the residence and work permit) procedures for foreign nationals. Instead, it reaffirms the established process, ensuring that it remains consistent while improving transparency and efficiency.

Bernitsas Law has advised Thanos Hotels & Resorts on a EUR 107 million refinancing package from Piraeus Bank.

Schoenherr has advised Siemens Energy Holding on the acquisition of a 76% stake in Slovenia-based Gridpulse from Mosdorfer and C&G Skupina Investiranje in Svetovanje. Advant Beiten reportedly advised the sellers.

Schindler Attorneys, working with Kirkland & Ellis, has advised GTCR on its USD 1.33 billion investment in Tricentis.

Contributed by Arzinger

The commercial legal markets of Central & Eastern Europe didn’t appear automatically. They didn’t develop in a vacuum. They were formed, shaped, and led, by lawyers – visionary, hard-working, commercially-minded, and client-focused individuals pulling the development of CEE’s legal markets along behind them as they labored relentlessly for their clients, their careers, their futures. 

On November 7, 2024, M&A experts from Austria, Bosnia & Herzegovina, Croatia, Greece, Hungary, Moldova, Romania, and Ukraine participated in a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the FDI screening regimes in their country and key developments in the area on the horizon.

Unlike many neighboring countries, the Trademark Law of Bosnia and Herzegovina explicitly addresses bad faith trademark applications as both relative grounds for refusal and as a basis for contesting a trademark through court proceedings. In other words, trademark applications filed contrary to the principles of good faith and fair dealing can be challenged either through an opposition before the Institute for Intellectual Property or by filing a lawsuit before the competent court. While this dual system theoretically provides two distinct avenues of recourse, practical experience shows that both mechanisms tend to merge into a single, judicially driven process. Below, we analyze the key lessons drawn from recent case law concerning bad faith trademark filings.

On 19 September 2024, BDK Advokati celebrated 20 years since its establishment. BDK Advokati Managing Partner Tijana Kojovic and Senior Partner and Head of the Montenegrin office Luka Popovic reflect on this milestone and discuss the journey of the firm, its evolution, achievements, and aspirations for the future.

On December 6, 2024, Kinstellar announced that UEG's acquisition of the 250-megawatt Simeonovgrad-Polyanovo PV project (as reported by CEE Legal Matters on April 10, 2024) has now closed.

The European Union’s Network and Information Systems Directive (NIS2) was introduced to enhance cybersecurity across the EU, aiming to protect critical infrastructure and essential services such as energy, transportation, and healthcare. NIS2 sets a high bar for all EU Member States, requiring them to improve their cybersecurity resilience, implement strong risk management practices, and report incidents within strict timelines. Yet, despite these clear guidelines, Bulgaria, like many other EU countries, has been slow to adopt the necessary changes and was unable to meet the deadline for transposing NIS2 (i.e., the 17^th of October this year). The delay has left Bulgaria facing several legal and operational challenges, compounded by the absence of a functioning Parliament.

Clifford Chance and Spasov & Bratanov have advised a consortium of lenders including Santander Bank Polska and the EBRD on a PLN 300 million financing granted by Santander Bank Polska to Benefit Systems. Norton Rose Fulbright reportedly advised Benefit Systems.

Divjak, Topic, Bahtijarevic & Krka has advised the EBRD on providing Zagrebacka Banka with an uncapped unfunded portfolio guarantee of up to EUR 80 million under the European Union’s InvestEU Program.

Since 2016, the term “Black Friday” has been registered as a trademark in Germany, granting exclusive rights to a single company, Super Union Holdings Ltd. of Hong Kong, for its use in advertising. This registration covered over 900 goods and services, restricting other businesses from using the term in their promotions. However, recent legal developments have definitively resolved this contentious issue.

On November 7, 2024, M&A experts from Austria, Bosnia & Herzegovina, Croatia, Greece, Hungary, Moldova, Romania, and Ukraine participated in a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the FDI screening regimes in their country and key developments in the area on the horizon.

Kocian Solc Balastik and Nitschneider & Partners have advised the Seyfor Group on its acquisition of NCC from its founders. Zahradnik reportedly advised the sellers.

Former Rowan Legal Lawyers Lucie Kacerova and Jan Mekota have joined forces to establish Kacerova Mekota Advokati in Prague.

Filing a claim in insolvency proceedings may be the only way for creditors to recover at least part of the amount they are owed. In the Czech legal system, however, creditors face an understated but significant risk: if they overstate the amount of their claim, not only do they risk having it disregarded but they may also be required to pay a penalty to the debtor’s estate. This provision, embedded in the Czech Insolvency Act, acts as a double-edged sword: while it aims to prevent unfounded claims and speculation in insolvency proceedings, it often deters legitimate creditors from fully asserting their claims. This financial penalty has no equivalent in other European countries. So, how can creditors avoid penalties, and what should they know before submitting a claim in insolvency proceedings?

Bernitsas Law has advised Thanos Hotels & Resorts on a EUR 107 million refinancing package from Piraeus Bank.

Koutalidis has advised a consortium comprising Fraport Frankfurt Airport Services Worldwide, Delta Airport Investments, and Pileas on a 40-year concession for Kalamata Airport Captain Vassilis Konstantakopoulos via a tender conducted by Growthfund, the National Fund of Greece.

Zepos & Yannopoulos has advised Pradera on the sale of its shares in Trivillage Developments Greece Cinema and Entertainment Enterprises Single Member, the owner of the Village Shopping & More center in Renti, to Premia Properties Group entity Renti to Go Single Member.

The Hungarian Parliament approved the autumn tax package on 26 November 2024. The amendments introduce significant changes to direct and indirect taxes alike, the most important changes are summarized below.

Lakatos, Koves & Partners has advised Ceva-Phylaxia on establishing a new vaccine production facility in Monor, Hungary.

Following the restrictions in the Far East, all companies operating online marketplaces in Hungary can expect significant tax changes and a new tax burden from January 2025.

Cobalt has advised the shareholders of Bauhub on its sale to Admicom's subsidiary Tocoman.

Pohla & Hallmagi has advised Baltic Maritime Logistics Group on its acquisition of a 50% shareholding in Kaarlaid from Niverto. Your Office law firm advised the sellers.

TGS Baltic and Gessel have advised Estiko-Plastar on its acquisition of Sefko. Roedl & Partner reportedly advised Sefko.

RPHS Law has advised Swinto on the sale of the majority of its shares to Virtus Invesco Partners. ICL Legal advised the buyers.

Kalo & Associates has advised Starlink on establishing its business in Kosovo.

Inlex Managing Partner Shkumbin Asllani reports on the country's ambitious goals for economic growth outlining Kosovo's recent legislative efforts to promote renewable energy, attract investments, and develop capital markets while remaining cautiously optimistic, noting that implementation could face challenges.

Cobalt has advised Decathlon on a new lease agreement with Spice Home shopping center in Riga, Latvia. Azanda & Associates reportedly advised Spice Home.

TGS Baltic has advised Latvian agricultural cooperative LPKS Latraps on the EUR 8 million issuance and listing of bonds on the Nasdaq Riga First North alternative market with Signet Bank as the arranger.

Walless has advised Baltic Horizon Fund on an office lease agreement with the International School of Riga. Sorainen reportedly advised International School of Riga.

TGS Baltic has advised INVL Baltic Sea Growth Fund on its acquisition of Pehart Group in Romania from Abris Capital Partners. RTPR advised Abris Capital Partners.

Ellex has offered pro bono representation in a same-sex parenthood case before the national courts in Lithuania, resulting in the first-ever recognition of same-sex parents.

TGS Baltic has advised Sun Investment Group on a EUR 8 million bond issuance with an annual interest rate of 11.5%, payable semi-annually.

On November 14, 2024, banking and finance experts from Albania, Austria, Bosnia and Herzegovina, Bulgaria, North Macedonia, and Poland sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss digitalization and the impact of tech on the banking sector in CEE.

In the past few years, North Macedonia has made significant strides in developing its infrastructure. Attracting foreign investors is the main strategy to finance, construct, develop, and manage essential infrastructure projects. The government also engages in PPPs, recognizing their potential to leverage private sector expertise and capital in public service delivery.

The spring of 2024 marked a pivotal shift in the Macedonian financial market, with significant reforms on the horizon. As of March 2024, the related legislative framework has come under intense scrutiny, aiming to align more closely with European directives and capital market regulations. This effort has culminated in the adoption of the new Law on Financial Instruments (LFI) and the Law on Prospectus and Transparency Obligations of Securities Issuers (LPTOSI). The primary objective of these reforms is to enhance market efficiency and strengthen the stability of the financial system.

Gladei & Partners has advised the Trans-Oil Group on refinancing its USD 500 million, senior secured Eurobond due 2026.

On November 7, 2024, M&A experts from Austria, Bosnia & Herzegovina, Croatia, Greece, Hungary, Moldova, Romania, and Ukraine participated in a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the FDI screening regimes in their country and key developments in the area on the horizon.

Vizdoaga Law Office and Dolea & Co have announced a collaboration between the two firms.

Montenegro is seeing major changes with the election of a new Supreme Court President, the creation of a state-owned development bank, and tax reforms under the Europe Now 2 program, aligning the country with EU standards, according to Vujacic Law Office Partner Jelena Vujisic.

Harrisons, working with Bird & Bird, has advised the EBRD on its EUR 10 million loan to Hipotekarna Banka Podgorica, secured with EU Supranational Bonds.

JPM Partners has advised Presto Pay on obtaining a payment institution license from the Central Bank of Montenegro.

Magdalena Pyzik-Walag has become the new Managing Partner at Rymarz Zdort Maruta.

A&O Shearman has advised the European Investment Bank on its successful subscription for a total of EUR 2.236 billion in five tranches of bonds issued by Bank Gospodarstwa Krajowego.

DLA Piper has advised the City of Warsaw on a PLN 1.05 billion loan from the European Investment Bank to finance the sustainable development of urban infrastructure.

TGS Baltic has advised INVL Baltic Sea Growth Fund on its acquisition of Pehart Group in Romania from Abris Capital Partners. RTPR advised Abris Capital Partners.

Wolf Theiss has advised Banca Comerciala Romana on a EUR 29.5 million credit facility granted to Unirii View. Tuca, Zbarcea & Associates advised Unirii View.

Kinstellar, working with Osborne Clarke, has advised Mpac Group on its EUR 56 million acquisition of the CSi Palletising group.

Contributed by Clifford Chance.

Contributed by Alrud.

The commercial legal markets of Central & Eastern Europe didn’t appear automatically. They didn’t develop in a vacuum. They were formed, shaped, and led, by lawyers – visionary, hard-working, commercially-minded, and client-focused individuals pulling the development of CEE’s legal markets along behind them as they labored relentlessly for their clients, their careers, their futures. 

On 6 December 2024, the Law on Amendments to the Law on Prevention of Money Laundering and Financing of Terrorism and the Law on Amendments to the Law on Public Notaries entered into force. These two laws were adopted by the National Assembly of the Republic of Serbia and published in the Official Gazette of the Republic of Serbia on 28 November 2024.

The European Commission and the European Data Protection Board (“EDPB”) have recently published reports on the first year of implementation of the new EU–U.S. Data Privacy Framework (“DPF”). These reports analyze the application of data protection mechanisms in cross-border transfers between the EU and the U.S., as well as ongoing challenges.

NKO Partners has advised Dr Max on its acquisition of the Ivancic i Sin pharmacy chain in Serbia from Bratislav Ivancic and Nada Milovanovic Ivancic. BIT Law advised the sellers.

Kocian Solc Balastik and Nitschneider & Partners have advised the Seyfor Group on its acquisition of NCC from its founders. Zahradnik reportedly advised the sellers.

A tax reform, updated labor costs, and ESG compliance challenges are some of the main challenges facing businesses in Slovakia at the moment, according to CMS Partner Sona Hankova.

Former NGL Symbio alliance founding members Rowan Legal, Erdos Partners, Biris Goran, and HKV have announced a new set-up under the Horizons Alliance brand.

Schoenherr has advised Siemens Energy Holding on the acquisition of a 76% stake in Slovenia-based Gridpulse from Mosdorfer and C&G Skupina Investiranje in Svetovanje. Advant Beiten reportedly advised the sellers.

On December 2, the Slovenian office of Peterka & Partners opened its doors in Ljubljana with Senior Associate Pia Florjancic Pozeg Vancas leading the new office.

Slovenia’s real estate market is thriving, with robust foreign and domestic investments. Key legal and industrial shifts such as new work-life balance laws and reforms in the energy and healthcare sectors are reshaping its economic landscape, according to Krizanec & Partners Partner Dinar Rahmatullin.

White & Case's Turkish affiliate law firm GKC Partners has advised Turkiye Is Bankasi and TSKB on EUR 342 million financing for the Ankara Esenboga airport. Clifford Chance advised TAV Airports as the borrower.

Kolcuoglu Demirkan Kocakli has advised Volt Motor and its individual shareholders on the sale of the company to WEG. Herguner advised WEG.

Redcliffe Partners, working with Clifford Chance and George Yiangou, has advised the European Bank for Reconstruction and Development and the International Finance Corporation on the USD 435 million financing for the merger of Lifecell Group and the Datagroup-Volia Group (reported on by CEE Legal Matters on September 17, 2024). CMS, working with Chrysostomides, advised the borrowers.

During EU-Ukraine Investment Conference on 13-14 November in Warsaw the European Commission has announced a call for private investment projects in Ukraine that have cost at least EUR 50 m, of which the project initiator provides at least 10% in the own contributions. 

Sayenko Kharenko has advised the EBRD on a EUR 55 million financing package to support the city of Kyiv.

Redcliffe Partners, working with Clifford Chance and George Yiangou, has advised the European Bank for Reconstruction and Development and the International Finance Corporation on the USD 435 million financing for the merger of Lifecell Group and the Datagroup-Volia Group (reported on by CEE Legal Matters on September 17, 2024). CMS, working with Chrysostomides, advised the borrowers.