CEE Legal Matters
In-depth coverage of the news and newsmakers that shape Europe's emerging markets
On January 25, 2024, the Office of the Prime Minister of the Republic of Kosovo published a list of concept notes anticipated for drafting and adoption by the Kosovo Government in the present year. The concept note, a regulatory prerequisite to the enactment of legislation within a specified domain, specifies the objectives of prospective governmental policy and the optimal modalities for their implementation.
Albania, driven by its commitment to align with European Union standards, has embarked on a comprehensive journey to harmonize its financial legislation with EU directives, particularly in the realm of capital markets. At the forefront of this effort stands Law 56/2020 “On Collective Investment Undertakings” (Albanian CIU Law), a pivotal piece of legislation that encompasses the passporting of foreign investment funds into Albania. This landmark law, coupled with the recent enactment of Regulation no. 37 (Passporting Regulation) and Regulation no. 38 (Distribution Regulation) by the Financial Supervisory Authority (FSA), lays down the groundwork for the processes of passporting and distribution within the Albanian financial landscape.
Due to the importance of disclosure of compliance with sustainability principles in evaluating the performance of companies, to ensure transparency, comparability, and reliability of the disclosures made within the scope of environmental, social, and governance (ESG) considerations, regulations have been introduced in the Turkish legal system.
Investment funds in the Czech Republic are regulated by the Czech Investment Companies and Investment Funds Act (ZISIF) and by local implementing regulations (governmental decrees and decrees of the Czech National Bank – CNB).
The Baltic region, comprising Lithuania, Latvia, and Estonia, boasts an emerging public capital market facilitated by the unified securities trading platform – the Nasdaq Baltic Stock Exchange.
The economic sector of the Republic of Serbia, including the capital market, offers a telling reflection of the global market’s challenges and some regional specifics. Despite periods of uncertainty and stagnation, Serbia’s capital market maintains signs of vitality and potential for growth.
White & Case and its Turkish affiliate law firm GKC Partners have advised Ulker Biskuvi on its USD 550 million Eurobond issuance. Baker McKenzie and its Turkish affiliate law firm Esin Attorney Partnership advised the bookrunners including J.P. Morgan Securities, Merrill Lynch International, Emirates NBD Bank, HSBC Bank, and Rabo Securities.
