The Hungarian Government recently adopted Act no. LVII of 2018 on the Control of Investments Detrimental to the Interests of Hungarian National Security (the "Act"). Previously we wrote about a similar legislative proposal [see here] (the "Proposal") which aimed at establishing a similar control mechanism. However, the Act has a more sophisticated approach on the control and approval procedure than the earlier proposal had. Pursuant to the Act, investors from outside the EU, Switzerland and EEA countries who wish to invest in Hungary must obtain prior approval from the minister to be designated by a governmental decree ("Minister") which has not yet been adopted.

CMS Sofia has advised UniCredit Bulbank on the sale of a real estate-secured NPL portfolio to Debt Collection Agency, a subsidiary of the Norwegian financial services group B2Holding. The buyer was supported on the transaction by the Bulgarian office of Schoenherr.

The internship contract is an alternative tool by which a company provides a student or trainee the opportunity to work in the company to gain theoretical and practical knowledge in a specific field, with a view to possible employment after the internship is complete. The template documents necessary to put into practice the recent rules introduced to Romanian legislation in August 2018, have been approved and can now be used by companies active in Romania.

With Decision No.1046 issued on 20 September 2018, the Bulgarian Commission for the Protection of Competition (the "CPC") gave the green light to the acquisition of Rapido Express and Logistics OOD by its competitor Speedy AD, in accordance with Article 26(1) of the Act for the Protection of Competition (the "APC").

Schoenherr Vienna has advised German VR-Leasing AG, a leasing subsidiary of DZ Bank, and Austria's Immigon Portfolioabbau ag, the wind down company of the former Osterreichische Volksbanken-Aktiengesellschaft, on the sale of VB-Leasing International to a consortium of partners consisting of APS, Nomura, and Balbec Capital. Graf Patsch Taucher advised the consortium on the acquisition.

If anyone needed a wakeup call as to how critical a functioning compliance system and culture is, look no further than the recent reports in the Austrian media about allegations of fraud launched against a surgeon working at one of Vienna's most renowned public-sector hospitals. Accusations surfaced in July that the surgeon had falsified operating room records: claiming to be in surgery at the respective hospital, while actually performing surgery in another, privately-held hospital.

“Over the past few months we have witnessed a serious decline in the number of arbitration cases in Romania,” reports Sebastian Gutiu, Managing Partner at Schoenherr Bucharest, who adds that the recent introduction of local arbitration rules and other legislative changes may help reverse the trend.

One year has passed since the Act on Counteracting the Unfair Use of Contractual Advantage in the Trade of Agricultural and Food Products entered into force. The act aimed to protect small farmers and grocery suppliers from the abuse of power by large supermarkets and chain stores. During the past year, the Office for Competition and Consumer Protection (OCCP):

In recent years, the Hungarian Competition Authority (HCA) has seemingly aimed to foster cooperation between itself and market participants. Recent case law shows that the HCA strives for cooperation even when market participants allegedly commit grave infringements of the competition rules. Market participants are advised to harness this tendency and the HCA's willingness to reach decisions more efficiently. This article examines a number of recent cases and the lessons learned.

BDK Advokati and Kirkland & Ellis have advised BC Partners on its agreement to acquire a majority stake in United Group B.V. from KKR, which retains a substantial minority stake. Financial terms of the transaction were not disclosed, and the transaction is subject to relevant regulatory approvals.

Representatives of more than sixty law firms from across Central and Eastern Europe and from as far away as the United States, United Kingdom, and China came together in Prague on June 6, 2018, for the first ever Dealer’s Choice international law firm conference and CEE Deal of the Year Awards Banquet.

After a valuable and information-rich day of panel discussions on important business development and law firm management topics, participants reconvened that evening (and were joined by several dozen newcomers) at the first ever CEE Legal Matters Annual Banquet and Deal of the Year Awards Ceremony – a celebration of CEE’s legal markets and the lawyers who work within them. Awards were presented for 17 qualifying markets in CEE – plus a surprise award for overall CEE Deal of the Year – with many of the lawyers playing key roles in nominated deals joining the celebration.

We can only imagine how big the surprise must be when you find out that your Belgium-based office is being raided in an investigation by the Romanian Competition Authority. But it is a fact that the Romanian Competition Council (the "RCC") got a taste of cross-border raids.

Gender equality may be a core EU principle, but it will not become a reality without effective legal action. To meet the EU objective of reaching a 75% employment rate for both men and women by 2020, the European Commission aims to change the existing legal framework.

Schoenherr has advised Aves One AG on its EUR 155 million senior facility refinancing in the form of a new facility agreement with significantly improved commercial terms arranged by a consortium of German banks. The lenders were advised by Freshfields Bruckhaus Deringer in Vienna and Frankfurt.

Oana Voda has joined Schoenherr as Head of Public Procurement in Bucharest.

Since the beginning of the Second Republic, the Constitution has provided so-called 'state targets', which have guided the government to declare certain interests to be substantial. The targets are broadly diversified and include, for example, state targets on:

Sorainen and Schoenherr have helped the Vienna Insurance Group obtain Lithuanian Competition Council approval for its acquisition of 100% of Seesam Insurance shares from Finnish financial services company OP Financial Group. Ellex Valiunas advised the OP Financial Group on the underlying sale.