Schoenherr has advised Aldiana Management on its purchase of the Aldiana Club Ampflwang resort in Upper Austria. Baker McKenzie reportedly advised the sellers.
Czech Republic: Vertical Agreements in Light of the Amendment to the Czech Competition Act
A long-awaited amendment to the Czech Competition Act (Act) is now on the horizon as it was approved by the Chambers of Deputies and is ready for sign-off by the Senate and the president. Covering primarily the implementation of the ECN+ Directive, it also incorporates changes to the Act. At the same time, the Czech Competition Authority (CCA) has been updating its policies on compliance programs and vertical leniency. From this perspective, how the CCA treats vertical (distribution) agreements will probably change considerably.
Are Gift Cards Money in Poland?
Gift cards have become more and more popular. They are bought as presents and some shops have a return policy where items bought physically can be exchanged only for a gift card of the equivalent amount. Are gift cards therefore to be regarded as money in Poland? If so, are the issuers required to obtain authorisation as a payment or electronic money institution?
The FSR General Tool
On 12 July 2023 the general or ex officio tool of the FSR became applicable. The tool empowers the European Commission (EC) to investigate cases where foreign subsidies are suspected of having a distortive effect on the EU's internal market, even if they do not fall within the scope of the other two FSR tools (M&A tool and public procurement tool). This gives the EC a powerful instrument to tackle market distortions from subsidies granted by third countries.
Transposition of EU Restructuring / Second Chance Directive in Bulgaria: Problems with New Ipso Facto Prohibitions Under Commercial and Financial Transactions
"Bulgaria transposed the Restructuring Directive's prohibition to terminate contracts via ipso facto clauses, but also (deviating from the Directive) prohibited contractual set-off in restructuring, thus rendering the preservation of many contracts performed via contractual set-off / netting of payment meaningless. So, in drafting ipso facto clauses the impossibility to perform contracts in restructuring, due to the contractual set-off prohibition, may be utilised as an additional trigger for termination, now".
Redefining Montenegrin Spatial Planning and Construction Regulations
Montenegro intends to implement a profound shift in its spatial planning and construction regulations with the pending adoption of three distinct legal acts that will regulate the country’s spatial planning, the construction of facilities, and legalisation procedures.
Matej Crnilec Makes Local Partner at Schoenherr Slovenia
Schoenherr Attorney at Law Matej Crnilec has become a new Local Partner in the firm’s Slovenian office.
Bulgaria Soon to Adopt an FDI Screening Regime
Bulgaria is among a minority of EU countries that have not yet adopted a foreign direct investment (FDI) screening regime. This is about to change with the introduction in late June of a bill on the amendment of the Investment Promotion Act, implementing the screening mechanism under Regulation (EU) 2019/452.
Schoenherr and Wolf Theiss Advise on Neveon's Sale of Greiner Perfoam to Treves
Schoenherr has advised Greiner Group member Neveon Holding on the sale of its automotive division consisting of Greiner Perfoam and its subsidiaries to Treves. Wolf Theiss advised Treves.
Green Loans May Be Hungary's Path to Sustainable Financing
In the world of finance, the rise of environmental, social and governance considerations has compelled bankers, investment professionals and banking and finance lawyers to reevaluate their mindset.
Schoenherr, White & Case, and Karanovic Advise on E& Acquisition of PPF Telecom Bulgarian, Hungarian, Serbian, and Slovakian Assets
Schoenherr, working with Sullivan & Cromwell, has advised the Emirates Telecommunications Group Company – operating as E& – on its acquisition of a 50%-plus-one-share stake in PPF Telecom Group's assets in Bulgaria, Hungary, Serbia, and Slovakia. White & Case and Karanovic & Partners advised the PPF Group on the up to EUR 2.5 billion sale and the setup of a joint venture with E&.
Major Legislative Changes in Hungary's Pharma and Food Industry
Significant legal changes occurred in the Hungarian pharmaceutical and food industry in the summer of 2023. According to Government Decree No. 333/2023. (VII. 20.), as of 1 August 2023, the National Public Health Centre (NNK) and the National Institute of Pharmacy and Nutrition (OGYÉI) merged, establishing a new authority, the National Centre for Public Health and Pharmacy (Nemzeti Nepegeszsegugyi es Gyogyszereszeti Kozpont, NNGYK).
The Public Procurement Tool
The public procurement tool is intended to prevent foreign subsidies (as defined in Art. 3 FSR) from distorting competition in the internal market. This happens when companies are able to submit unduly advantageous bids that drive competitors unsupported by state funds out of the market, for example because they are subject to the strict prohibition of intra-EU State aid under Art. 107(1) TFEU. The need to counteract market-distorting subsidies from third countries is "particularly pronounced" in public procurement, since public contracts are financed with taxpayers' money.
Did You Know: The Bulgarian Mid-Year Leaderboard
Did You Know that a total of 14 partners at Bulgarian law firms have worked on multiple client matters in that country so far this year? That group is led by Boris Teknedzhiev of Tokushev & Partners, who has worked on five reported Bulgarian client matters in 2023.
Schoenherr and Karanovic & Partners Advise on OTP Group's Project Financing for Pannonia Bio
Moravcevic, Vojnovic, and Partners in cooperation with Schoenherr has advised OTP Group members OTP Bank Plc Hungary and OTP Bank Serbia on project financing for Pannonia Bio. Karanovic and Partners advised Pannonia Bio.
Third Time's the Charm? EU-US Data Privacy Framework Revamped and Reloaded
On 10 July 2023, the European Commission adopted an adequacy decision for a lawful data transfer from the EU to the USA for the third time. This means that personal data may again be lawfully transferred to the US. This will facilitate the use of US service providers for EU companies.
New Law on Employment of Foreign Workers in Hungary
On 13 June 2023, the Hungarian Parliament adopted a new law regulating the employment of foreign workers. The law introduces the concept of guest workers (third-country nationals from countries outside the EEA and from non-neighbouring countries) and establishes guidelines for their employment in Hungary.
Schoenherr Advises Bulstrad on Acquisition of AmeriMed Medical Center
Schoenherr has advised Bulstrad Life Vienna Insurance Group Bulgaria on the acquisition of AmeriMed medical center. Reportedly, Stanev & Partners advised the sellers.