Since the cessation of the widely-used LIBOR benchmark has become a realistic prospect, due to the UK Financial Conduct Authority’s announcements that it will stop supporting this benchmark at the end of 2021, the question of what will take its place has become a hot topic for lenders and lawyers drafting credit agreements.
"The majority of us will be more than happy to see 2020 behind us,” laughs Stefana Tsekova, Local Partner at Schoenherr Sofia. “But luckily for us at Schoenherr, it was a good year, especially for big ticket deals. We advised on the Vivacom deal, valued at 1.3 billion euros, making it the biggest deal ever on the Bulgarian market. It started before the Covid crisis hit, but luckily it continued. We actually advised on another big transaction on the energy sector as well — the acquisition by Enery Development of the biggest photovoltaic plant operational in Bulgaria, with 50 MW installed capacity [as reported by CEE Legal Matters on September 15, 2020]. So in terms of deals we were lucky.”
In March 2020, the coronavirus crisis urged the Hungarian government to introduce extraordinary measures to mitigate the economic consequences. This led to a general moratorium for all retail and corporate financings until the end of 2020. As one of the last measures of 2020, the Hungarian government decided to prolong the moratorium due to the second wave of the pandemic.
At the end of December 2020, the Romanian Competition Council (the "RCC") published an updated iteration of the draft Emergency Government Ordinance implementing the FDI Regulation (the "FDI Draft Law"). While the FDI Draft Law is still undergoing the legislative process, it is expected to enter into force soon. As covered here, the new rules will tighten the existing FDI screening, once in force.
The new year ushered in a new era for drone users in Hungary. On 1 January 2021, new regulations entered into force, introducing a new framework for drone usage, although many details remain unregulated. A significant part of the drone regulations is set forth on the EU level by Commission Delegated Regulation (EU) 2019/945 and Commission Implementing Regulation 2019/947. The new rules in Hungary promote the proper implementation of the relevant EU Regulations, and in some instances prescribe even stricter rules for drone users.
The Digital Markets Act proposal (DMA) is a collection of complex obligations imposed on certain digital service providers. We previously described the salient features of the DMA here. In this article we focus on the definition and designation of gatekeepers, the powers of the EC compared to Member States and the potential effects of the DMA initiative within CEE.
D’Ornano Partners has advised the Groupama Group on its acquisition of the entire share capital of OTP Osiguranje, an insurance company owned by the OTP Bank in Croatia. Ivekovic Attorneys at Law reportedly acted as local advisors to Groupama. Schoenherr’s Hungarian office reportedly advised the seller on the deal.
The fast-paced changes brought about by digital technologies continuously challenge the slow-moving legal framework of the European Union. The European Commission (EC) has long grappled with the ever-evolving practices of tech-companies. Some players, spawned from garages and dorm rooms not long ago, are now entrenched gatekeepers and generate issues enforcers simply lack tools to deal with.