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In view of the gravity of the current situation in Ukraine, the EU has introduced further restrictive measures related to Russia's finance, defence, energy, aviation, and space sectors. This Legal Insight will give you a brief overview of the sanctions regime as of 27 February 2022.

Back in September 2021, the revised Act on the prohibition of unfair trading practices in the business-to-business food supply chain (the "UTPs Act") entered into force. As in all other EU Member States, the Croatian UTPs Act was revised to bring Croatia's legal framework in the area of unfair trading practices in business-to-business relations in the agricultural and food supply chain into compliance with the UTPs Directive.

Schoenherr has advised Herba Chemosan Apotheker and its management board on the management buy-out of the company. Herbst Kinsky, working with Linklaters, advised previous majority shareholder McKesson Corporation on the sale of its Austrian business to Quadrifolia Management through the MBO. SCWP Schindhelm has advised private equity company Invest AG on participating in the acquisition. Wolf Theiss advised the financing banks led by Raiffeisen Banking Group Upper Austria.

On 11 November 2021, the Moldovan Parliament passed a series of legal amendments ("Law 175/2021"), including to the existing Law on Personal Data Protection. Law 175/2021 entered into force on 10 January 2022 and partially transposes the European Union's General Data Protection Regulation ("GDPR").

The crowdfunding regulation of the European Union (Regulation (EU) 2020/1503 on European crowdfunding service providers for business, "ECSPR") entered into force on 10 November 2021, which was a long-awaited legal development both within the European Union and on the Hungarian market. Even the Hungarian National Bank suggested in its Fintech Strategy that a regulatory framework for crowdfunding would be essential to assist financing of SMEs and therefore, enhancing competitiveness on the Hungarian market. Prior to the ECSPR, there was no uniform crowdfunding regulation within the European Union and Hungary did not have a regulatory framework for crowdfunding; thus, the Hungarian National Bank had to assess such activity pursuant to the already existing rules. The ECSPR established a directly applicable and uniform regulatory framework aiming to facilitate cross-border provision of services. We summarize below the latest legal developments in connection with the ECSPR.

The MNB has launched its Green Program early 2019 to mitigate the risks associated with climate change and other environmental problems, to expand green financial services in Hungary, to widen the related knowledge base in Hungary and abroad, and to reduce financial market participants’ and its own ecological footprint. The Green Program relating to green financial services consists of several initiatives from analyzing the current situation of green financing to incentivizing the financial market participants to operate greener and engaging in green financial services (mainly loans and bonds).

The ongoing COVID-19 pandemic has seriously disrupted supply chains and turned the global economy on its head. For many products the supply cannot meet increasing demand, while in other cases legal obstacles cause distribution problems. The average consumer is faced with one simple fact: the prices of certain products are increasing at an alarming rate.

The Hungarian National Bank ("MNB") issued a guideline this January to assist market participants in the issuances of green bonds. This guideline is one of the measures that the MNB introduced under its Green Programme, which it launched in early 2019 to mitigate the risks associated with climate change and other environmental problems, to expand green financial services in Hungary, to widen the related knowledge base in Hungary and abroad, and to reduce financial market participants' and its own ecological footprint. The Green Programme relating to green financial services consists of several initiatives, whose range continues to expand both in the banking sector and in capital markets with the sole aim of promoting green finance.

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