Norton Rose Fulbright has advised Lantmannen Energi on the acquisition of Ekobenz from Agencja Rozwoju Przemyslu and minority shareholders. BCGL advised the sellers.

Clifford Chance has advised Carmistin International on a EUR 500 million financing arranged by Banca Comerciala Romana and ING Bank Bucharest Branch. NNDKP advised the banks.

CK Legal Chabasiewicz Kowalska has advised Proteine Resources on an investment from Radix Ventures, with additional follow-on commitments from existing investors SMOK Ventures and Bitspiration Booster. Syrena Legal Advised SMOK Ventures. KWKR advised Radix Ventures.

Kocian Solc Balastik has assisted Fidurock on the establishment of the Fidurock Retail Parks Fund SICAV, an investment fund for qualified investors focused on retail parks in the Czech Republic and Slovakia.

Sorainen has advised Nuvei Liquidity on obtaining a crypto-asset service provider licence under the EU Markets in Crypto-Assets Regulation and a payment institution licence for services related to electronic money tokens from the Bank of Lithuania.

Schoenherr has advised IWP Grosshofen, a project company of ImWind, on obtaining an Environmental Impact Assessment permit for the Grosshofen II wind farm in Austria.

A&O Shearman has advised Komercni Banka and other financing banks on the refinancing of the Enetiqa group through a new facility totalling CZK 3 billion. Glatzova & Co advised Enetiqa.

Since the beginning of the full-scale war, the Ukrainian economy has faced a strong need for long-term financing, both for on-going business needs and for reconstruction projects. Banks remain the primary channel of financing the real sector. At the same time, the National Bank of Ukraine (the “NBU”) has focused on keeping the banking system stable and preserving confidence in the banking sector, which in 2022–2023 meant rather strict requirements and a number of temporary restrictions.

Kocian Solc Balastik has assisted Fidurock on the establishment of the Fidurock Retail Parks Fund SICAV, an investment fund for qualified investors focused on retail parks in the Czech Republic and Slovakia.

DZP has appointed Magdalena Skowronska as its new Head of the Capital Markets and Financial Institutions Practice.

The Amendments to the Law on Factoring entered into force on 12 December 2025 (“Amendments”). The Amendments introduce developments in the legal and regulatory framework for factoring in Serbia, aiming to align it with international standards and best market practices, ensure compliance with AML and CTF principles, and enhance transparency and the efficient functioning of the factoring market.

In March 2024, the European Union adopted a new set of amendments to both the Markets in Financial Instruments Directive, commonly known as MiFID II, and the related Markets in Financial Instruments Regulation (MiFIR), as part of the Capital Markets Union agenda. The two instruments operate together and form the core of the EU framework governing trading venues, investment firms and market transparency. The latest amendments are designed to improve the availability and quality of market data, enhance market resilience during periods of stress, and simplify certain regulatory requirements that were widely viewed as inefficient in practice. While the MiFIR amendments apply directly across the EU, Member States had to transpose the revised MiFID II into national law by 29 September 2025. Hungary has adopted national measures aimed at implementing the amended directive.

Djingov, Gouginski, Kyutchukov & Velichkov has promoted Ivan Punev to Partner and Nikolai Gouginski to Co-Managing Partner of the firm, alongside Zdravka Ugrinova.

Public procurement in Bulgaria has long been a battlefield between the necessity for competitive transparency and the persistent shadow of concerted practices. Among the various grounds for exclusion of economic operators, bid rigging presents a unique legal challenge. Under the Bulgarian Public Procurement Act (PPA), the intersection of antitrust findings by the Commission for Protection of Competition (CPC) and the procurement process creates a complex landscape where the concept of "self-cleaning" becomes the only lifeline for businesses seeking to maintain their market presence.

The latest amendment to the Hungarian Competition Act (defined below) introduces a new tool enabling the Hungarian Competition Authority (HCA) to intervene in the construction and mining sectors, even in the absence of any competition law infringement. If the HCA identifies, during a prior accelerated sectoral investigation, undertakings of paramount significance for competition across markets and determines that competition is likely to be significantly and continuously restricted or distorted as a result, the HCA may impose behavioral or structural obligations on these construction and mining undertakings.

On 20 November 2025, the Albanian Data Protection Commissioner (“Commissioner”) adopted Instruction No. 07/2025 “On the Protection of Personal Data in the Written, Electronic and/or Audiovisual Media and the Exemptions for Special Processing Purposes” (“Instruction No. 7”), a regulatory act that aims to reshape the legal relationship between freedom of expression and personal data protection in Albania.

The Government of Ukraine has approved Resolution No. 1759 of the Cabinet of Ministers of Ukraine, dated 26 December 2025, which enters into force on 30 December 2025 and establishes a new procedure for the provision of marketing and promotional services related to medicinal products at the retail level (pharmacies).

Bulgaria's waste collection fee system is undergoing a fundamental change from 1 January 2026, shifting from property-based charges to a "polluter pays" model. However, significant uncertainty remains about the practical implementation of the new regime. Businesses should therefore prepare flexible budgets and monitor municipal announcements closely.

Brandl Talos has advised VitreaLab on its USD 11 million Series A financing round led by LIFTT and LIFTT EuroInvest. Act Legal, working with Sani Zangrando, advised LIFTT and LIFTT EuroInvest.

With effect from 6 January 2026, an amendment to the Cybersecurity of Hungary significantly narrowed the scope of organizations subject to the NIS2 obligations.

Kocian Solc Balastik has assisted Fidurock on the establishment of the Fidurock Retail Parks Fund SICAV, an investment fund for qualified investors focused on retail parks in the Czech Republic and Slovakia.

CMS has advised a syndicate of financial institutions on a EUR 157 million financing provided to the Okko Group for the construction and operation of a private wind power project in Ukraine. LawWhales reportedly advised the Okko Group. Clifford Chance reportedly advised the creditors.

On 24 December 2025, the latest amendment to the Government Decree on the Basic Regulations for Urban Planning and Construction Requirements (abbreviated as TÉKA in Hungarian) was enacted. This update is part of a broader legislative effort addressing the placement and permitting of wind turbines and wind farms, alongside revisions to the Electricity Act, its implementing regulations, and the Hungarian Architecture Act.

Kinstellar has advised BIG Mega Renewable Energy on an approximately EUR 100 million project financing for the development, construction, and operation of the Vacareni wind farm in Tulcea County, Romania. Clifford Chance advised the financing syndicate.

Asters has been providing pro bono legal support for UAnimals, including advocacy for animal rights, the development of legislative initiatives, and the provision of legal protection.

Musat & Asociatii has won an appeal before the High Court of Cassation and Justice against a prior decision by the Bucharest Court of Appeal, allowing the retrial of the review application in the case concerning the torturers of Romanian anti-communist dissident Gheorghe Ursu.

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.

Andersen has advised Groupe ADP member TAV Georgia on its agreement with United Airports of Georgia to invest approximately USD 150 million in the next phase of development of Tbilisi International Airport.

JDP Drapala & Partners has expanded its partnership structure with Partner Wojciech Bazan becoming a shareholder of the firm. Additionally, the firm has changed its name to JDP Drapala Chomiuk & Partners.

Popovici Nitu Stoica & Asociatii has promoted Bianca Monica Chiurtu, Ioana Cazacu, and Ramona Pentilescu to Partner.

BBH has promoted Jan Kadrnozka to Partner.

Kertesz and Partners has advised the 4iG Group on its Transformation Program, which concluded on September 30, 2025. 

Glatzova & Co has advised insolvency administrator Hart & Partners on consolidating the assets of the Helske Group within the insolvency estate of Helske Limited, whose insolvency proceedings are pending before the Regional Court in Ostrava.

A “digital nomad” is a person who works remotely using technology and combines this with travel and living in different parts of the world. Despite the decline in the remote work trend, digital nomads remain an increasing group of highly mobile experts. Up until now digital nomads could reside in Bulgaria only on short-term basis (90 days every 180 days) which is no longer the case.

Laurenz Liedermann and Benedikt Sprinzl have joined Kinstellar's Vienna Office as Partners.

Popovici Nitu Stoica & Asociatii has promoted Bianca Monica Chiurtu, Ioana Cazacu, and Ramona Pentilescu to Partner.

The European Commission has recognised the regulatory disparities that exist between EU Member States and the candidate Balkan countries. To address these differences, it has identified the need to assess national legal frameworks and provide recommendations to Balkan countries for aligning them with EU standards.

Gessel has advised the selling shareholders on the sale of Centrum Diagnostyczno Lecznicze Barska to Unity Care, a nationwide network of medical facilities backed by Enterprise Investors.

Rymarz Zdort Maruta has advised GKSD and Gruppo San Donato on the acquisition of a 27.78% minority stake in American Heart of Poland, together with AHP Logistyka and Healthcare & Hospitality Providers, for a total consideration of EUR 250 million.

Musat & Asociatii has successfully represented MMT121 Gaming before the High Court of Cassation and Justice, clarifying the tax regime applicable to gambling operating licenses in Romania following recent legislative changes.

Wardynski & Partners has successfully represented the Vet-Alert Foundation for Protection of Animals in proceedings before the Supreme Administrative Court.

JDP Drapala & Partners has expanded its partnership structure with Partner Wojciech Bazan becoming a shareholder of the firm. Additionally, the firm has changed its name to JDP Drapala Chomiuk & Partners.

Pohla & Hallmagi has advised Baltic Sea Bunkering on the sale of Paldiski North Harbour to PNP Investment Management. Palladium reportedly advised the buyers.

Kyriakides Georgopoulos has advised ICBC, Dubai Aerospace, and Orix Aviation on the sale and lease novation of two aircraft, an Airbus A320 and an Airbus A321, registered in Greece and leased to a Greek operator. 

Law office Zornada has advised DDL Zagreb and its shareholders on the sale of a majority shareholding in the company to Neftys Pharma. Miskovic & Miskovic, BDK Advokati, and ODI Law advised Neftys Pharma.

Pohla & Hallmagi, working with Wikborg Rein, has advised Marine Energy Solutions on its acquisition of the PRIME oil tanker. Reed Smith reportedly advised the unidentified sellers.

Kyriakides Georgopoulos announced that the Hellenic Republic Asset Development Fund's sale of a 67% stake in the Heraklion Port Authority to a consortium consisting of Grimaldi Euromed and Minoan Lines (as reported by CEE Legal Matters on January 11, 2024) closed on September 18, 2024.

PeliPartners has advised Bogdan Idu and his group companies on the sale of an LPG maritime terminal in Romania to Nawaf Salameh Family Office Group.

Brandl Talos has advised VitreaLab on its USD 11 million Series A financing round led by LIFTT and LIFTT EuroInvest. Act Legal, working with Sani Zangrando, advised LIFTT and LIFTT EuroInvest.

Kocian Solc Balastik has assisted Fidurock on the establishment of the Fidurock Retail Parks Fund SICAV, an investment fund for qualified investors focused on retail parks in the Czech Republic and Slovakia.

Glatzova & Co has advised Pale Fire Capital on its acquisition of a majority stake in Acond.

Wardynski & Partners has successfully represented the Vet-Alert Foundation for Protection of Animals in proceedings before the Supreme Administrative Court.

Asters has been providing pro bono legal support for UAnimals, including advocacy for animal rights, the development of legislative initiatives, and the provision of legal protection.

Integrites has advised the family of a Ukrainian Armed Forces serviceman killed in action on obtaining a one-time state compensation of UAH 15 million. 

Kinstellar has advised TSH Investment on the acquisition of Mall Plovdiv from Avestus Capital Partners. CMS advised the sellers.

Kocian Solc Balastik has assisted Fidurock on the establishment of the Fidurock Retail Parks Fund SICAV, an investment fund for qualified investors focused on retail parks in the Czech Republic and Slovakia.

Reals has advised Upvest on the financing of a residential project developed by UDI Group.

Musat & Asociatii has successfully represented MMT121 Gaming before the High Court of Cassation and Justice, clarifying the tax regime applicable to gambling operating licenses in Romania following recent legislative changes.

A “digital nomad” is a person who works remotely using technology and combines this with travel and living in different parts of the world. Despite the decline in the remote work trend, digital nomads remain an increasing group of highly mobile experts. Up until now digital nomads could reside in Bulgaria only on short-term basis (90 days every 180 days) which is no longer the case.

Ronaldas Kubilius has joined Ellex's Lithuanian office as Partner.

Brandl Talos has advised VitreaLab on its USD 11 million Series A financing round led by LIFTT and LIFTT EuroInvest. Act Legal, working with Sani Zangrando, advised LIFTT and LIFTT EuroInvest.

With effect from 6 January 2026, an amendment to the Cybersecurity of Hungary significantly narrowed the scope of organizations subject to the NIS2 obligations.

Sorainen has advised Erply on its acquisition of Edicy from TextMagic.

Tuca, Zbarcea & Asociatii has promoted Manuela Gornoviceanu, Ana Popa, and Sergiu Cretu to Partners as part of a promotion round that also saw 11 lawyers become Managing Associates and five lawyers become Senior Associates.

The European Union has made a significant move to reshape its anti-money laundering (AML) framework by creating the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), based in Frankfurt. This new institution is set to standardize and improve AML compliance throughout the EU, eliminating fragmented oversight and establishing a consistent supervisory system.

In our Looking In series, we talk to Partners from outside CEE who are keeping an eye on the region to learn how they perceive CEE markets and their evolution. For this issue, we reached out to new Jones Day Partner Veronica Dragalin, who recently joined the firm’s Washington office after working as the Chief Anti-Corruption Prosecutor in Moldova since 2022.