Schoenherr has advised HS Timber Group on its sale of HS Timber Productions Sebes to Ziegler Group. BPV Grigorescu Stefanica and BPV Huegel advised the buyer.
MiCar: Final Steps Towards the Legal Framework for Crypto-Assets
On 20 April 2023 the European Parliament ("EP") finally approved the regulation on markets in crypto-assets ("MiCAR"). The approved final text of the MiCAR is yet to be formally endorsed by the Council, but the EP's approval means the biggest legislative hurdle towards the MiCAR entering into force has been cleared. The approval of the MiCAR follows the finalisation of the last details of the text, after a provisional agreement on the final draft compromise was reached during trilogue negotiations in June 2022.
CEELM Deal of the Year Awards Banquet: And the Winner Is...
On the evening of April 25, 2023, the Deal of the Year Awards Banquet brought together, under the same roof, top-tier lawyers from Central and Eastern Europe's leading law firms and ILFs active in the region in Istanbul.
Serbia Adopts Ethics Guidelines for Artificial Intelligence
On 23 March 2023, the Serbian government adopted Ethics Guidelines for the Development, Implementation and Use of Reliable and Responsible AI ("Guidelines"), which may be seen as yet another step in the process of harmonising Serbia's legislative framework with the European Union, following the Proposal for an AI Regulation announced by the EU Commission two years ago.
EU Parliament Approves New Emissions Trading System
On 18 April 2023, the EU Parliament approved the provisional political plan to reduce CO2 emissions in the EU agreed on by the Council and the European Parliament on 18 December 2022. This plan is based on proposals of the "Fit for 55" package presented by the European Commission in 2021 to reduce the EU's net greenhouse gas emissions by 55 % compared to 1990 levels by 2030 and to achieve climate neutrality by 2050.
Hungary's Brand-new Whistleblowing Regime
On 11 April 2023, the Hungarian Parliament adopted a whistleblower protection act setting aside the previous one first adopted back in 2013.
Schoenherr and BDK Advokati Advise on Adriatic Bank's Acquisition of Expobank
Moravcevic, Vojnovic, and Partners in cooperation with Schoenherr has advised the owner of the Adriatic Bank Podgorica on the acquisition of Expobank Belgrade. BDK Advokati advised the shareholders of Expobank Belgrade.
Schoenherr and Wolf Theiss Advises on Erste Group Bank EUR 1 Billion Mortgage Pfandbriefe Issuance
Schoenherr has advised joint lead managers Erste Group Bank, Intesa Sanpaolo, Landesbank Baden-Wuerttemberg, Landesbank Hessen-Thueringen Girozentrale, Natixis, and TD Global Finance on Erste Group Bank's EUR 1 billion issuance of 3.125% mortgage Pfandbriefe due October 14, 2027. Wolf Theiss advised Erste.
Schoenherr Advises UBIQ on Series A Financing Round
Schoenherr has advised Austrian shared-mobility start-up UBIQ on its series A financing round.
Green Finance in Hungary 2023
The Central Bank of Hungary (MNB) is encouraging the banking sector to increase the level of green loans. To this end, significantly reduced capital requirements have been put in place when applying for loans, and green company bonds were introduced in summer 2020 as part of the MNB bond funding for growth scheme. The Hungarian government is now ready to intervene to achieve climate neutrality.
Schoenherr Advises Shanghai Electric Power on Acquisition of 100-Megawatt PV Project from Greencells Group
Schoenherr has advised the China-based Shanghai Electric Power Co. Ltd. on its full acquisition of two project companies developing a PV project portfolio with a total capacity of 100 megawatts in Inarcs, near Budapest, from a Greencells Group subsidiary. Erdos Katona reportedly advised the sellers.
Vernon David, Schoenherr, and Filip & Company Advise on Victoriabank Acquisition of BCR’s Chisinau Subsidiary
Vernon David and Filip & Company have advised Moldova's Victoriabank on its acquisition of the Chisinau subsidiary of Banca Comerciala Romana. Schoenherr advised the seller.
Did You Know: 12-Month CEE Energy/Natural Resources Leaderboard
Did You Know that, according to the Activity Rankings function of the CEELMDirect website, only eleven lawyers in CEE have worked on four or more reported Energy/Natural Resources deals in CEE since March 1, 2022?
Closing: HE Dabar and CEXIM Bank EUR 190 Million Financing for HPP Development Now Closed
On March 20, 2023, Sajic announced that the EUR 190 million financing transaction between the Export-Import Bank of China and HE Dabar for the development of the Dabar hydropower plant (reported by CEE Legal Matters on January 19, 2022) had closed.
Schoenherr and Wolf Theiss Advise on Volksbank Wien EUR 500 Million Green Note Issuance
Schoenherr has advised joint lead managers Danske Bank, DekaBank Deutsche Girozentrale, Erste Group Bank, Natixis, Raiffeisen Bank International, and UniCredit Bank on the EUR 500 million issuance by Volksbank Wien of 4.750% green ordinary senior eligible notes due March 2027. Wolf Theiss advised Volksbank Wien.
Insight Into Regulatory Crisis Instruments to Solve Crises in Austria
The first article in this series looked at the background to energy crisis law and its implication for the proposed single market emergency instrument (SMEI) (for further details, see "Insight into regulatory crisis instruments to solve crises in European Union").
Schoenherr and Baker McKenzie Advise on Pathlight Capital Term Loan for Lumos Holdings
Schoenherr, working with Morgan Lewis, has advised Pathlight Capital on its term loan to Lumos Holdings US Acquisition Co. Baker McKenzie advised Lumos in Hungary and the UK.
Employment in Bulgaria
Contributed by Schoenherr.