CEE Legal Matters
In-depth coverage of the news and newsmakers that shape Europe's emerging markets
TGS Baltic, working with Linklaters, has advised sole bookrunner Citigroup Global Markets Europe on the tap issue of EUR 40 million 14.50% senior secured bonds by the Latvian national airline AirBaltic. Cobalt, working with Dentons, advised AirBaltic.
Clifford Chance has advised mBank on R.Power's issuance of three series of secured green bonds with a total nominal value of PLN 530 million.
The MICA (Markets in Crypto-Assets) Regulation was formally adopted by the European Parliament on 20 April 2023 and approved by the Council of the European Union on 16 May 2023. The adoption of MICA is in response to the growing need for regulation in the rapidly evolving world of crypto-assets and represents an important step towards building a stable and secure financial system in the EU.
Allen & Overy Shearman & Sterling has advised the Republic of Poland on its issuance of EUR 3 billion in dual-tranche notes.
TGS Baltic has advised Pro Bro Group on its EUR 2 million bond issuance with Siauliu Bankas as the distributor.
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.
Excitement was high when, just over three years ago, the Law on Digital Assets came into effect, positioning Serbia as a pioneer among countries recognizing the development opportunities of advanced technologies that lacked a regulatory framework to reach their full potential. This was followed by a protracted period of enacting secondary legislation, alongside global macroeconomic turbulence, which inevitably impacted the development of industries and markets, especially those that are “young” and insufficiently mature. Despite the enthusiasm and efforts of the local Web3 community and advocates for using digital assets as a tool to boost the national economy, these hurdles appear to have significantly slowed the anticipated growth.
