Tuca Zbarcea & Asociatii Partner Gabriela Anton, Gecic Law Counsel Miodrag Jevtic, ACI Partners Head of Banking/Finance Marina Zanoga, Avellum Managing Partner Mykola Stetsenko, NazaIi Tax & Legal Partner Nilay Goker Duran, PRK Partners Senior Attorney-at-Law Norbert Hink, and Schoenherr Bulgaria Local Partner Tsvetan Krumov look at how the financial services landscape in the CEE region has been shifting, as local non-banking financial institutions (NBFIs) are gradually gaining ground in an area historically dominated by the banking sector.
Ukraine: Building Up The Defense Tech Sector in Ukraine
Since the onset of the Russian invasion in 2014, and particularly since the full-scale invasion that began on February 24, 2022, Ukraine has found itself in the epicenter of a new and challenging reality. This ongoing conflict has sparked a remarkable surge in Ukraine’s defense technology sector.
Lithuania: AI Act. When?
More than two years ago, in April 2021, the European Commission presented its long-awaited proposal to regulate the use of artificial intelligence (AI) in Europe. AI is a rapidly developing group of technologies. Today, there is little doubt that these technologies have the potential to bring (and are already bringing) enormous economic and societal benefits across a wide range of industries and social activities. However, in the absence of legal regulation, these technologies can also be abused, with particularly severe consequences for both individuals and society.
Poland: 5G Auction Announced Once Again. Cybersecurity Issues Still Unresolved.
On June 22, 2023, the Polish telecommunications regulator (the President of UKE) announced an auction of 3,6 GHZ frequencies intended for the 5G network. The auction will consist of a few phases, including submissions of initial bids, a formal assessment, trial auctions, auctions, and reservations of frequencies. It is expected that the auction will be settled this year. Despite the announced plans, the auction is affected by significant cybersecurity issues which have yet to be resolved.
Czech Republic: Cybersecurity – Czech Businesses Are Getting Ready for NIS 2
Cybersecurity is trending in Czechia again not only because of recent large-scale cyber-attacks targeting important institutions such as hospitals, the Czech public radio, or the national highway directorate (resulting in some of its systems being unavailable for several months) but also due to legislative developments. Specifically, cybersecurity is also making headlines as it is time for many Czech businesses to get ready for the NIS 2 Directive (Directive (EU) 2022/2555 of the European Parliament and of the Council of 14 December 2022 on measures for a high common level of cybersecurity across the Union).
Serbia: Amendments to the Serbian Act on Electronic Communications
Recently, the Serbian Parliament enacted amendments to the Act on Electronic Communications (Act). The Act was drafted through a collaborative effort of representatives from a broad range of organizations, including the Regulatory Agency for Electronic Communications and Postal Services (RATEL), the Regulatory Agency for Electronic Media (REM), the National Alliance for Local Economic Development (NALED), the Foreign Investors Council, the National Convention on the European Union, supplemented by expert opinions from the business sector.
Slovenia: Unveiling the DMA – Safeguarding Open Markets in the Digital Sphere and Its Impact on Slovenia
The initiation of the European Union’s Digital Markets Act (DMA) on May 2, 2023 marked a pivotal turning point in digital markets. Designed to counteract the monopoly-like tendencies of so-called “gatekeepers” – large online platforms wielding significant power – the DMA is revolutionizing the digital space. However, its implications extend beyond these giant companies, and it’s essential to examine the impact on smaller EU members like Slovenia.