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Legal market overview
While many Western investors have left the energy, telecoms and infrastructure markets, this has been replaced by more local investment. Overall, the market has become more active, with law firms observing a rise in large M&A deals and unexpected interest from foreign investors in the real estate market. Although the Czech economy is generally considered to be recovering from the euro zone crisis, the implementation of a new Civil Code has created a different type of uncertainty and unpredictability for businesses as the new law beds in.
The Czech legal market has been moving towards a more dynamic, competitive situation, with good local firms increasingly providing good alternatives to leading international firms. Notably the departures of large international law firms – such as Norton Rose Fulbright v.o.s., advokátní kancelár and Hogan Lovells – created a space in the market for boutiques and spin-offs and allowed opportunity for quality lateral hires.
Prominent local firms include Kinstellar s.r.o advokátní kancelár, Glatzová & Co., s.r.o. and PRK Partners, as well as BBH, Advokatni Kancelar, S.R.O.. Cross-border mandates continue to be characterised by the presence of international firms such as Allen & Overy, Baker & McKenzie s.r.o., advokátní kancelár, Clifford Chance, CMS and White & Case (Europe) LLP.
Legal Business: country analysis
Breaking new ground – advisers hope shale revolution can restart CEE market
Weighed down by political unrest and slowing economies, energy and infra projects look like one area to be driving
the CEE economy. Can the shale revolution power up
Click here to read the feature.
The Legal 500 Europe - Events
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The Czech Ministry of Labor and Social Affairs („MLSA“) recently submitted for interdepartmental comment a proposal act that will significantly reduce the usage of (so-called) "agency employees". read more...
Starting from 1 January 2013 the amendment to Act No. 406/2000 Coll., on Energy Management, as amended, has increased, to a significant extent, the obligations of developers, building owners, associations of housing unit owners and housing unit owners as well (i.e. owners of flats and non-residential premises) relating to the issue of so-called energy performance certificates. This instrument, which was first introduced in 2009 for new constructions or large scale reconstructions, should provide simple and transparent information about the energy consumption of a building by classifying it in a respective energy performance class, such asweknowit in the case of electrical appliances.
The Act No. 373/2011 Sb., on Specific Health Services, became effective on 1 April 2012.
by Kristýna Oberfalcerová, Attorney-at-Law, Randa Havel Legal
by Kristýna Oberfalcerová, Attorney-at-Law, RANDA HAVEL LEGAL
The Chamber of Deputies of the Czech Republic definitively decided that laws concerning recodification of private law shall become effective on 1 st January 2014. There is less than two years left to prepare for the new legal regulation. In this issue of the News we bring you information on some changes the recodification shall bring with regard to limited liability companies. As we have informed you before, recodification does not involve only the new Civil Code but, i.a. also the completely new Business Corporations Act (NBCA). As it follows from its title, this Act will regulate part of the present Commercial Code regarding business companies.
Shortly before the end of the year, the act No 418/2011 Sb., on criminal liability of legal entities and proceedings against them (hereinafter referred to as the “Act on criminal liability of legal entities”) was published in the Collection of Laws. The Czech Republic has introduced this long-discussed breakthrough regulation, which was vetoed by the President in November 2011, as one of the last EU member states. Legal entities should pay attention to this law since fines amounting to millions or dissolution of legal entity are among the sanctions.
The Office for the Protection of Economic Competition (hereinafter the „Office“) issued the historically first decision concerning domestic cartel among suppliers competing for public contract (bid rigging) case. The case is interesting not only because it is the first such case in the Czech Republic, but could indicate how the Office will proceed in such cases and in the proving of such cartels.
Instrument for Discrimination of Suppliers?
The two basic means of dispute resolution in the Czech Republic are judicial proceedings and alternative dispute resolution. Arbitration proceedings, as a form of ADR, is thriving. According to statistics of the Arbitration Court attached to the Economic Chamber of the Czech Republic and Agricultural Chamber of the Czech Republic, one of the three permanent arbitration courts in the Czech Republic and the only one with general jurisdiction, in the year 2000 the mentioned court settled 196 disputes, while in 2009 it settled 1402 disputes (not including disputes settled amicably).
Danos & Associates law firm will take part in International BEST LEGAL Conference-2015 that will take place in Four Seasons Hotel in Limassol, Cyprus between September 27-29.The Conference will bring together lawyers, legal advisers, businessemen and other professionals from Cyprus, Russia, Ukraine, Great Britain, Armenia, Bulgaria and several other countries. The Conference is organised by Cypriot business magazine Successful Business.
Niederer Kraft & Frey advised Mercer, a part of the Marsh & McLennan Companies group, in the acquisition of SCM Strategic Capital Management AG (SCM). Completion of the transaction is inter alia subject to regulatory approvals. NKF is supporting the Mercer in-house legal team. Slaughter and May is advising on Hong Kong law and Elvinger, Hoss & Prussen on Luxembourg law matters.
On 18 December 2014, Apax and NJJ Capital SAS, Xavier Niel's private holding company, have agreed to sell mobile telecom operator Orange Communications SA for a total transaction value of CHF 2.8 billion (EUR 2.3 billion). The transaction is subject to customary regulatory approval and expected to complete by the end of Q1 2015.
Niederer Kraft & Frey advised Knorr-Bremse AG, the world’s leading manufacturer of braking systems for rail and commercial vehicles, which is based in Munich and employs more than 24,000 people worldwide, in the acquisition of Selectron Systems AG, Lyss. Through this acquisition, Knorr-Bremse is expanding its portfolio to include components and solutions for the automation of rail vehicles.
Niederer Kraft & Frey advises Sherpa Asset Management AG, providing asset management services to wealthy individuals, foundations, family offices and other institutions, in connection with its successful authorization by the Swiss Financial Market Supervisory Authority FINMA as asset manager of collective investment schemes.
Niederer Kraft & Frey advises Quantica Capital AG, an asset management company focused on quantitative investment strategies, in connection with its successful authorization by the Swiss Financial Market Supervisory Authority FINMA as asset manager of collective investment schemes. As of today, Niederer Kraft & Frey has a proven track record of – alone under the revised CISA – 10 successful FINMA authorizations of CISA asset managers including, among others, Twelve Capital AG, BWM AG, Parsumo Capital AG, JMA Jürg Maurer Asset Management AG and MainFirst Schweiz AG.
Shortly before Builder’s Day, Moscow hosted a major conference that covered broad business issues concerning the construction industry’s development in modern conditions, with VEGAS LEX actively participating in the event.
Schoenherr advised EVO Payments International (EVO) on the launch of a strategic alliance with Raiffeisenbank a.s. in the Czech Republic in the segment of payment card acceptance. read more...
Kim & Chang has been named as the ‘Best Asian Law Firm 2015: Gold Award’ by the International Legal Alliance Summit & Awards 2015 for two consecutive years.
Assicurazioni Generali S.p.A. announced the sale of its banking subsidiary BSI SA to Banco BTG Pactual S.A. for CHF 1.5 billion. The transaction is subject to regulatory approvals.