Schoenherr Hetényi Ügyvédi Iroda > Budapest, Hungary > Firm Profile
Schoenherr Hetényi Ügyvédi Iroda Offices
VACI UT 76
1133 BUDAPEST
Hungary
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Schoenherr Hetényi Ügyvédi Iroda > The Legal 500 Rankings
Hungary > Banking, finance and capital markets Tier 2
Schoenherr Hetényi Ügyvédi Iroda is known for its strong activity in acquisition finance and project finance transactions, particularly in relation to solar power plants. It team also has expertise in non-performing loans, as well as bridge financing, among other key areas of work. Practice head Gergely Szalóki, who is 'the engine of the practice', is a highly sought-after banking expert, whose clients include OTP Bank, Erste Group Bank and Bain Capital Europe. He also advises managers and issuers on bond issuances.Practice head(s):
Gergely Szalóki
Testimonials
‘The team is super responsive, very experienced and familiar with the local market practice.’
‘Gergely Szaloki was always available and responsive. He provided excellent in various finance transactions.’
‘The team always professionally blend Schoenherr’s international expertise and practice with the local legal environment. They are solution oriented and assisting clients with a strong collaboration skill.’
‘Highly competent people ready to find innovative solutions to the circumstances which differ from usual daily operations of financial institutions.’
‘Schoenherr’s banking and finance team provides legal advice in a fast, reliable, business focused manner to the highest of industry standards. They are available 24/7 to questions and our cooperation has always been smooth and efficient. The team’s expertise covers all areas of banking, finance and capital markets mandates. They provide a very high worth of value for a reasonable price.’
‘Gergely Szalóki leads the team and he is the engine of the practice and does an extremely good job. He is not only pragmatic and knowledgeable, but also friendly, optimistic and respectful; all in all, nice and easy to work with.’
Key clients
Cantor Fitzgerald Securities
Erste Lakástakarék Zrt
OTP Bank Nyrt
Bain Capital Europe LP
Interglobe Enterprises
DZ Bank
Deutsche Private Equity GmbH
Erste Bank Group Bank AG
Unicredit Bank AG
Work highlights
- Advised a syndicate of lenders led by Cantor Fitzgerald Securities as the security agent in connection with the bridge financing of the Syncreon Group.
- Advised Erste Group on the €200m financing of XXXLutz’s acquisition of former Steinhoff CEE retail operations (Kika-Leiner) in the Czech Republic, Romania, Slovakia and Hungary, sold by SIGNA.
- Assisted Bain Capital Europe LP in connection with an increase of financing of Wittur Group under a factoring agreement, and at the same time in connection with the refinancing of an existing loan by two syndicated facilities accompanied with a note issuance.
Hungary > Commercial, corporate and M&A Tier 2
Schoenherr Hetényi Ügyvédi Iroda has a strong pedigree for handling M&A and general corporate advice for clients in the energy, telecoms, automotive, media and life sciences industries. Managing partner Kinga Hetenyi, who is ‘very accurate and leaves no stone unturned’, is particularly sought after for assistance with high-value acquisitions, corporate carve-outs and restructuring mandates. Clients include names such as BMW, Doosan, OMV and Visa. Márton Gervai and associate Anita Vértes are the other key figures in the ‘very cooperative team’.Practice head(s):
Kinga Hetényi
Other key lawyers:
Testimonials
‘Great collaboration and communication with clients. Precise handling of cases.’
‘Schoenherr Hetényi Attorneys at Law has a very cooperative team. The colleagues are experts in several areas.’
‘Kinga Hetényi is very accurate and leaves no stone unturned to achieve the goals set by her clients.’
‘Kinga Hetenyi – very precise and attention to details, great communication and follow-up.’
Key clients
Covivio
Assa Abloy
Volkswagen
Tier Mobility
GTC
Kelkoo
Robert Bosch GmbH
Doosan
Uniper
Pitcher
Nufarm
Volta Energy Solutions Hungary Kft
Volta Energy Solutions Europe Kft
Tchibo
Lufthansa Technik
Avaya
Work highlights
- Advised a large automotive sector investor on the acquisition of a shareholding in a Hungarian competitor in the engineering business and the parallel sale of the groups Serbian business to the Serbian subsidiary of this competitor.
- Advised a provider of cloud-based tax compliance solutions on the contemplated acquisition of a Hungarian start-up company delivering online VAT compliance solutions that cater for all business types from online retailers to those with complex tax departments.
- Advised OMV on the sale of its 92.25% shareholding in OMV Slovenija to Hungarian MOL Group.
Hungary > Competition Tier 2
Schoenherr Hetényi Ügyvédi Iroda is highlighted for its ‘extremely rich experience in all areas of competition law, ranging from merger control to competition damages cases’. It is further praised for its ability to ‘deliver outstanding results for a very competitive price’. The firm is distinguished for its CEE reach, with it being able to draw on its network of offices in the region. It also has a notably strong follow-on damages practice, one of the few in the Hungarian market. The main figures at the firm are Anna Turi and András Nagy, who are increasingly active in competition-related screenings that interface with foreign direct investments.Practice head(s):
Anna Turi; András Nagy
Testimonials
‘Schönherr Hungary has extremely rich experience in all areas of competition law, ranging from merger control to competition damages cases. The whole team is a compact, reliable and capable of delivering outstanding results for a very competitive price. It belongs to a law firm covering virtually the whole CEE region, and with the support of their colleagues, its members are able to effectively represent our interests on the most diverse and challenging cross-border matters.’
‘Anna Turi is a highly skilled legal professional with an amazing strategic outlook, whose competence will never let you down. She has the knowledge and persistence to smoothly finalize complex transactions and prevail in difficult litigations. Apart from that, she is a patient negotiator able to work in both English and German.
‘I worked closely with Andras Nagy. I highly value that we could openly discuss the issue and the potential implications, and got clear instructions on what kind of supporting documentation we need. The team delivered what was agreed on the meetings both timing as well as quality wise. Throughout the case I felt that they focus on solving the case for our benefit.’
‘The firm has an excellent and up-to-date knowledge about the industry and its challenges. The people with whom we worked were highly enthusiastic in the topic/matter and helped us to build high awareness and knowledge of competition law.’
‘Ms. Anna Turi is a solid lawyer, with the ability to lead and design the best strategy.’
‘The team has a good and reliable technical knowledge of the area of law they work in and has wide experience in court cases in our jurisdiction.’
‘The individuals have considerable experience in conducting court cases in the field of competition law and are aware of the governing principles of case law.’
Key clients
Daimler AG
Robert Bosch Kft.
Mondi AG
Rewe Group – Penny Kft.
Fressnapf Hungária Kft.
Husqvarna Group
Manpower Kft.
Pipelife Hungária Kft.
Work highlights
- Advised Husqvarna in a large-scale antitrust proceeding before the Hungarian Competition Authority. As a result of a novel cooperation strategy (a combination of leniency and settlement). The firm achieved a significant reduction of the fine (75% reduction).
- Representing a high-profile automotive industry player in numerous antitrust damages litigation proceedings as defendant.
- Represented Manpower Hungary in a competition proceeding in Hungary against the Hungarian Association of Personnel Consultants and all its members, including Manpower Hungary, due to suspected infringement of competition law.
Hungary > Projects and energy Tier 2
At Schoenherr Hetényi Ügyvédi Iroda, regulatory specialist Dániel Varga is the main figure for projects and infrastructure mandates. The firm is highlighted for its activity in Central Asia, and in particular, its close relationship working with the EBRD to support the Republic of Uzbekistan's liberalisation of its power sector. Varga continues to advise on various regulatory matters in connection with the establishment of a new power sector model and a framework for private energy investments. He is also involved in drafting a new electricity law for Uzbekistan in compliance with its liberalisation strategy. Within Hungary, the practice regularly supports the OMV Group in various regulatory and energy sector-related M&A transactions. It is also known for its activity in photovoltaic power plant projects, and in the development of industrial facilities.Practice head(s):
Dániel Varga
Testimonials
‘We have a strong impression that they are very experienced and have wide-screen thinking.’
‘Daniel Varga is very responsive. Straight to the point. Does not distract with irrelevant information.’
‘Daniel Varga has been exceptionally good in providing high quality legal review and drafting on a timely manner in a challenging environment.’
‘The team at Schoenherr has shown not only excellent legal knowledge but also great business acumen which is something that made them stand out. We have a lot of M&A transactions whether for quota buy/sale or real estate buy/sale, and to have a legal team who can also grasp the business side of the agreements, is a very important thing that supports our decision making.’
‘We have been almost always in contact with Daniel Varga. He is super efficient, precise and respectful of the given deadlines, and on top of that, he is confident when giving legal opinions which gives us the same confidence to make decisions, since from our experience, not all the lawyers are confident enough when giving advice or feedback.’
‘Schoenherr has a highly professional team of experts who provide exceptional quality work in challenging conditions. They have shown flexibility and dedication to meet the changing needs of the client.’
‘I have worked only with Daniel Varga. He is attentive, competent and responsive.’
Key clients
European Bank for Reconstruction and Development (EBRD)
Doosan Group
GTC Magyarország Ingatlanfejlesztő Zrt.
E.On Hungária Zrt.
KNYIP Kft.
DML Hungary Kft.
ID Energy Group
Ximo Hungary Kft.
Work highlights
- Advising EBRD in connection with the strategic support provided to the Republic of Uzbekistan to draft its electricity law in order to liberalise the power sector and attracting foreign investments.
- Advising ID Energy Group, a photovoltaic energy investor group headquartered in Spain in respect of its solar power plant projects in Hungary.
- Advised KNYIP Kft. on the re-designing of its power forwarding arrangements in a business park located in Central Hungary.
Hungary > Data privacy and data protection Tier 3
Schoenherr Hetényi Ügyvédi Iroda is a 'steady and reliable partner', under the leadership of counsel Dániel Gera, who assists clients with audits and GDPR compliance projects. He also advises on the preparation and implementation of internal data protection, privacy and data retention contracts and policies.Practice head(s):
Dániel Gera
Testimonials
‘We worked together on a large data breach matter. They have been very swift and pragmatic in their advice.’
‘The company is a steady and reliable partner. They have experts in all legal areas.’
‘All of them are experts of their legal area and they are absolutely flexible in case of alignment needs.’
Key clients
BAUHAUS SZAKÁRUHÁZAK Kereskedelmi Betéti Társaság
European Union Intellectual Property Office
Apple Inc.
BMW Vertriebs GmbH
Makro Cz / Restu s.r.o.
M7 Real Estate Hungary Kft.
Cargoe GmbH & Co KG Magyarországi Fióktelepe
Fressnapf-Hungária Kft.
ACER
B&B Hotels
Morgan Stanley
Work highlights
- Represented Apple in several court cases tied to the violation of business secrets or certain IP rights.
- Assisted the European Union Intellectual Property Office with legal actions against a criminal organisation active in Hungary aiming at causing harm to trademark applicants. The activity included misuse of personal data so the team assisted with initiation a revision process with the Hungarian Data Protection Authority.
- Advising BMW Vertriebs GmbH on the reorganisation of its sales companies in Hungary, Austria and Poland including setting-up the legal process of the transfer of the personal data of BMW’s clients and the direct marketing database to the new BMW entity from data protection perspective.
Hungary > Employment Tier 3
Schoenherr Hetényi Ügyvédi Iroda is noted for its ‘commercial, pragmatic and client-focused approach’ to a diverse range of employment law matters. It provides support on M&A, restructurings and general HR issues. Counsel Dániel Gera has more than 16 years of experience in the field and is the primary figure for all employment law mandates.Practice head(s):
Dániel Gera
Testimonials
‘Their availability was outstanding, actually the whole timeline was arranged solely on our needs. They made us feel as if we were their only client.’
‘Quick to respond, thorough and competent.’
‘The team provides solid legal advice. Energetic, commercially focused, pragmatic with a customer orientated approach are all strong assets.’
‘The company is a steadily reliable partner. They have experts in all legal areas.’
‘Recommended for their expert knowledge and collaboration.’
Key clients
Fressnapf Holding SE / Fressnapf Hungária Kft.
Benteler Autótechnika Kft.
Construcciones y Auxiliar de Ferrocarriles, SA (CAF) and its Hungarian subsidiary CAF Hungary Kft.
Manpower Kft.
Grundfos A/S
Uniper Hungary Kft.
Essentra Filter Products Kft.
Euro Pool System Hungary Kft.
Heidelberger Druckmaschinen – Heidelberg Magyarország Kft.
UNIQA AG
FlixMobility GmbH – Flixbus Hungary Kft.
Schott Hungary Kft
Globalization Partners
B&B Hotels Hungary Kft.
Avaya Magyarország Kft.
Avalara Inc.
Tesla Inc.
Work highlights
- Advised Fressnapf on Covid-related employment measures and a labour-related audit conducted at the company.
- Advised Grundfos A/S as local counsel on a worldwide restructuring project which affected also the Hungarian entities of the Grundfos group.
- Advised Euro Pool System Hungary Kft regarding the employment of agency workers and the change of its workforce agency and the related contractual issues.
Hungary > Real estate and construction Tier 3
Schoenherr Hetényi Ügyvédi Iroda is highly active in cross-border transactions, with its team in Budapest being aided by practitioners in the Austrian, Czech, Polish and Romanian offices. The firm handles greenfield investments, leases, asset portfolio management and real estate litigation in the Hungarian courts. László Krüpl leads on all share and asset deal acquisitions and greenfield investments.Practice head(s):
László Krüpl
Testimonials
‘László Krüpl, real estate partner, is a very diligent lawyer. Reactive and business-oriented. His dedication to the deal is excellent and he leaves no stone unturned.’
‘We were very impressed with Laszlo Krüpl’s dedication, negotiation skills and ability to perform under challenging conditions (tight deadlines, complex structures).’
‘Laszlo Krüpl delivers excellent quality in a short time. He has deep legal knowledge and native German skills. We trust his advice.’
‘Very flexible collaboration. We always had the utmost attention on our project.’
‘The Schoenherr team understand the mechanics of a transaction and can provide very tailor-made and practical legal advice. They know real estate law.’
‘László Krüpl stood out from the advisors with his smartness. He is a tough negotiator and knows the legal and commercial tricks applied in transactional advice. You can win if you have him on board.’
Key clients
ABB
Heidelberger Druckmaschinen AG
Avison Young
Covivio
B&B
List Group
Volta
Hauser
CargoE
Erste Bank der oesterreichischen Sparkassen
Private Client Fiduciary Corporation
MNK Real Estate Fund
Work highlights
- Advised Covivio on the acquisition of the Hungarian part of a portfolio comprised of eight luxury full-service independent hotels, located in Rome, Nice, Budapest, Prague, Florence and Venice, from Varde Partners.
- Advised B&B Hotels on the lease back of its first hotel in Hungary and thus assisted B&B Hotels in its market entry.
- Advising the Private Client Fiduciary Corporation on real estate litigation concerning a valuable residential building in Budapest owned by the client of the company.
Hungary > Dispute resolution Tier 4
Schoenherr Hetényi Ügyvédi Iroda is instructed by Hungarian and multinational clients, particularly those from a German background, in contract law disputes, employment litigation and contentious IT and IP matters, often involving a cross-border element. Kinga Hetenyi has over 26 years of experience in commercial and contractual disputes. She is assisted by senior associate Alexandra Bognár, who leads the white-collar crime practice. She has acted for ERSTE Bank in various loan disputes and advised Le Chèque Déjeuner (now UP Group) in a damages action against the state of Hungary over the alleged violation of the international investment protection treaty.Practice head(s):
Kinga Hetényi; Alexandra Bognár
Testimonials
‘The expertise of the staff is extensive. Work is fast and flexible and efficient.’
‘Desire to analyse in-depth all the aspects of the matter at hand. Also, offering a realistic cool-headed view on potential outcomes.’
‘Alexandra Bognar was very helpful, besides the legal work done she had several out-of-box suggestions on how to further investigate the matter and prepare.’
‘Very efficient, quick to answer, expert in what they do.’
‘Prompt and clear advice, swift consultation, and detailed informing of applicable jurisprudence.’
Key clients
Swiss International Air Lines
Edelweiss Air
Helvetic AirWays
Apple
Daimler AG
Premium Leisure Invest AG (PLI)
Hankook Tire
Ingram Micro
ERSTE Bank Hungary Zrt
Augimount Logistika
Andritz AG
Monster Energy
Fressnapf
Benteler Autótechnika Kft
Salesianer Miettex Magyarország Kft
Work highlights
- Advised Apple on various legal proceedings including competition cases or commercial litigation.
- Advised Daimler on approximately 40+ litigation cases in which various plaintiffs try to enforce private law damage claims.
- Acting for Henri Simon Bratter, the private plaintiff in a litigation against Klára Balázs (defendant), a Hungarian celebrity and singer in a copyright infringement case.
Schoenherr Hetényi Ügyvédi Iroda > Firm Profile
The firm: Schoenherr Hungary was established in 2008 when a well-established team of experienced legal professionals joined the Schoenherr network in order to benefit from Schoenherr’s strong position in the CEE/SEE region. The management of that team was taken over in 2010, and has been led since then by Kinga Hetényi. The main practice areas are: corporate/M&A, competition, banking and finance, real estate and labour law.
Areas of practice: Schoenherr Hungary has a long track record of representing foreign investors, mainly in acquisitions and greenfield investments, corporate, employment law, merger control filings and other competition matters such as cartel proceedings (before the authority and court) and dawn raids, consumer protection matters, finance and insolvency matters as well as real estate transactional mandates, construction and development, including large-scale infrastructure and energy projects. Additionally, the team advises numerous sizeable corporate clients on an ongoing basis on issues such as general corporate, commercial and regulatory matters, real estate and employment law. The office serves numerous international and domestic clients in the automotive, retail, banking, insurance, energy, food, technology and pharma sectors.
Main Contacts
Department | Name | Telephone | |
---|---|---|---|
Corporate/M&A | Kinga Hetényi | ||
Banking and finance/capital markets | Gergely Szalóki | ||
Competition/EU | Anna Turi | ||
Competition/EU | András Nagy | ||
Data protection | Daniel Gera | ||
Data protection | Dorottya Gindl | ||
Labour and employment | Kinga Hetényi | ||
Labour and employment | Dániel Gera | ||
Litigation, arbitration | Kinga Hetényi | ||
Litigation, arbitration | Alexandra Bognár | ||
Regulatory | Daniel Varga | ||
IP | Kinga Hetényi | ||
IP | Márk Kovács | ||
Insolvency and restructuring | Kinga Hetényi | ||
Insolvency and restructuring | Gergely Szalóki | ||
Insurance | Gergely Szalóki | ||
Compliance and white-collar crime | Kinga Hetényi | ||
Compliance and white-collar crime | Alexandra Bognár | ||
Real estate | László Krüpl |
Staff Figures
Number of lawyers : 300+ At this office : 17Languages
English French German HungarianMemberships
Schoenherr Rechtsanwälte (Schoenherr Attorneys at Law)Other
Other offices : Belgrade Other offices : Bratislava Other offices : Brussels Other offices : Bucharest Other offices : Chisinau Other offices : Istanbul Other offices : Ljubljana Other offices : Podgorica Other offices : Prague Other offices : Sofia Other offices : Vienna Other offices : Warsaw Other offices : Zagreb Other offices : Albania Other offices : Bosnia & Herzegovina Other offices : North Macedonia Other offices : UkraineDiversity/Community
Schoenherr Hungary regards education as a focus of its CSR activities. We are committed to the future of the legal profession and actively contribute to the development of legal training in Hungary. Through a comprehensive internship programme in cooperation with universities and student alliances, our lawyers deliver university guest lectures with the aim of providing future lawyers with practical knowledge and skills.
Another significant issue that our firm is resolute to combat is the lack of education of underprivileged children. Through one of our initiatives, we have undertaken the task to boost the technological offering of schools to local students, by providing them with IT-related equipment including computers, laptops and monitors. Our partnership with Heliopolis the ‘Every Child is Precious’ Foundation further supports our aim to support disadvantaged young people in accessing foreign language learning opportunities and sick children in receiving better healthcare.
We vigorously encourage our lawyers to participate in pro bono projects which make a difference in the communities where we live and work. Recently, we organised employment law training primarily for non-profit organisations in the western-Hungarian region, through PILnet: The Global Network for Public Interest Law.
Our firm participates in various charity events. We are enthusiastic supporters of the annual CEE Legal Matters Budapest Law Firm Bowling Challenge with the proceeds donated to the winning team’s charity of choice, and we are actively engaged in expanding our CSR initiatives.
Press Releases
Schoenherr advises NEXI on signing agreement with Intesa Sanpaolo regarding merchant acquiring business in Croatia
6th July 2022 Schoenherr advised NEXI S.p.A. ("NEXI") on reaching an agreement with Privredna banka Zagreb d.d. ("PBZ Bank") and PBZ Card d.o.o. ("PBZ Card"), a Croatian company indirectly controlled by Intesa Sanpaolo S.p.A., to purchase PBZ Card’s merchant acquiring business in the Croatian market, for consideration of EUR 180m.Austria: Schoenherr advises Caverion on acquisition of PORREAL Group
4th July 2022 Schoenherr advised Caverion Österreich GmbH on acquiring all shares in PORREAL GmbH in Austria, also including its subsidiary ALEA GmbH (together "PORREAL Group").Schoenherr advises technology service provider ARZ in Austria on acquisition by Accenture
9th June 2022 Schoenherr advised ARZ Allgemeines Rechenzentrum GmbH (ARZ), a technology service provider focused on the banking sector in Austria, on its acquisition by Accenture.Austria: Schoenherr advises MedAustron in EIA milestone of fourth treatment room at centre for ion therapy and research and receiving operating permit
24th May 2022 Schoenherr advised the Austrian cancer treatment and research centre MedAustron in the environmental impact assessment for the commissioning of a fourth treatment room.Austria: Schoenherr advises Storyblok on USD 47m Series B financing
20th May 2022 Schoenherr advised the Austrian scale-up Storyblok on its Series B financing worth USD 47m, one of several major transactions in the Austrian start-up scene on which Schoenherr has advised in the recent past.Schoenherr advises HS Timber on the acquisition of Luvian Saha (Finland)
9th May 2022Schoenherr advised Austrian HS Timber Group on the acquisition of Luvian Saha Oy, one of the largest private sawmills in Finland, from private owners. The transaction closed on 29 April 2022.
Schoenherr named “CEE Wide Law Firm of the Year” by Chambers and Partners
4th May 2022 Schoenherr won the "CEE Wide Law Firm of the Year" award at this year's Chambers Europe Awards Gala hosted by the renowned legal publisher Chambers and Partners.Schoenherr advises HS Timber Group and Blue Minds on the sale of Interfloat to Borosil Renewables, Limited, India
4th May 2022 Schoenherr advised Austrian HS Timber Group and Blue Minds on the sale of Interfloat Corporation and GMB Glasmanufaktur Brandenburg GmbH to Borosil Renewables Ltd, listed on the Indian Stock Exchange. The transaction agreement was executed on 25 April 2022. Closing is expected in the first half of 2022 and is still subject to the fulfilment of customary regulatory approvals.Schoenherr advises S&T AG on voluntary partial public takeover offer
29th April 2022 Schoenherr advised S&T AG, an Austrian company listed on the Frankfurt Stock Exchange, in connection with the voluntary partial public takeover offer by grosso tec AG (Germany) on issues of Austrian law. Hogan Lovells advised S&T AG on German law issues.Schoenherr named Austria M&A Legal Adviser of the Year by Mergermarket
5th April 2022 Schoenherr was awarded the "Austria M&A Legal Adviser of the Year" by Mergermarket at the European M&A Awards Gala on 31 March 2022.Schoenherr advises IMMOFINANZ supervisory board in bidding contest between CPI Property Group and S IMMO
9th March 2022 Schoenherr advised the supervisory board of Austrian IMMOFINANZ AG in connection with the two competing takeover bids by CPI Property Group SA and S IMMO AG.Schoenherr advises Herba Chemosan board on management buy-out
8th February 2022 Schoenherr has advised the board of the Austrian pharmaceutical wholesaler Herba Chemosan Apotheker-AG (Herba Chemosan) on the recent management buy-out (MBO).Schoenherr advises RGREEN INVEST on unique EUR 15m green bond to finance photovoltaic plant in Bulgaria
7th February 2022 Schoenherr advised RGreen Invest, a French management company representing a fund for green energy projects, on a EUR 15m bond to finance the construction of a photovoltaic plant near the town of Razlog in southwestern Bulgaria, as well as on a standard security package for it. The bond's issuer is a member of the Renalfa group, a leading Bulgarian clean energy and e-mobility provider with a focus on renewable energy generation assets.Schoenherr advises Chaos on Bulgarian law aspects in merger with Enscape
3rd February 2022 Schoenherr advised Chaos, a global leader in photorealistic rendering technology, on the Bulgarian law aspects of its merger with Enscape, a leading developer of real-time rendering and design workflow technology for the Architecture, Engineering and Construction (AEC) industries.Schoenherr advises Mayr-Melnhof Holz on acquisition financing for Bergkvist Siljan
2nd February 2022 Schoenherr supported the Austrian Mayr-Melnhof Holz group in the financing of its acquisition of Swedish sawmill group Bergkvist Siljan.Schoenherr strengthens Austrian team with four additional counsel promotions
2nd February 2022 Schoenherr recently announced the promotion of three equity partners and two contract partners effective 1 February 2022. This round of promotions has now been extended to include four new counsels: Sara Khalil, Iliyana Sirakova, Marco Thorbauer and Bojana Vareskic.Schoenherr recognised as leading Austrian M&A Legal Advisor for 2021 by Mergermarket
24th January 2022 Schoenherr has, yet again, been named top M&A legal advisor in the Austrian market by Mergermarket. For over a decade, Schoenherr has been leading the Austrian Mergermarket M&A league tables.Schoenherr advises e-mobility start-up Easelink on EUR 8.3m financing round (Series A)
20th January 2022 Schoenherr advised the Austrian high-tech company Easelink, a provider of automated electric vehicle charging solutions, on its EUR 8.3m Series A financing round.Schoenherr advises Austrian unicorn Bitpanda on expansion of its product portfolio to include exchange traded cryptocurrencies
20th January 2022 Schoenherr advised the Austrian fintech Bitpanda on the expansion of its product portfolio to include exchange traded cryptocurrencies. This product provides investors with easy access to crypto assets via a liquid financial instrument traded on a regulated exchange.Schoenherr advises Mirova and RP Global on sale and refinancing of onshore wind farms in Croatia
17th January 2022 Schoenherr advised Mirova and RP Global on the sale of two onshore wind farms in Dalmatia, Danilo (44MW) and Rudine (34MW), to Professio Energia d.d. (DLPR, Zagreb Stock Exchange). Before the closing of this transaction, Privredna Banka Zagreb d.d., a member of Intesa Sanpaolo Group, refinanced loans provided by the IFC and UniCredit. Schoenherr acted as lead counsel to Mirova and RP Global on both the sale and refinancing transactions.Schoenherr advises Managers on issue of EUR 1.5bln Mortgage Pfandbriefe by Erste Group
13th January 2022 Schoenherr advised the Managers on the successful issue of EUR 750m 0.01 %. Mortgage Pfandbriefe due 2028 (AT0000A2UXM1) and EUR 750m 0.50 %. Mortgage Pfandbriefe due 2037 (AT0000A2UXN9) by Erste Group Bank AG.Schoenherr advises PALFINGER AG on reversal of cross-shareholding with Sany
4th January 2022 Schoenherr advised Palfinger AG, a leading provider of innovative crane and lifting solutions, on the reversal of the cross-shareholding with the SANY Group, a Chinese equipment manufacturing group.Schoenherr advises UNIQA on successful issue of new EUR 375m green tier 2 notes and notes repurchase
16th December 2021 Schoenherr advised UNIQA Insurance Group AG, one of the leading insurance groups in Austria and CEE, on its successful issue of new EUR 375m green tier 2 notes and concurrent repurchase of existing subordinated notes in the same principal amount.Schoenherr advises on 360kompany AG’s sale, one of Austria’s biggest start-up exits
14th December 2021 Schoenherr advised the RegTech start-up 360kompany AG and its shareholders on the sale to Moody’s Corporation, on what is purported to be one of the biggest exits in Austria's start-up scene to date.Schoenherr advises Sanofi on acquisition of Origimm Biotechnology GmbH
3rd December 2021 Schoenherr advised Sanofi, a global leader in healthcare, on the acquisition of 100 % of the shares in Origimm Biotechnology GmbH, a private Austrian biotechnology company.Schoenherr advises Slate Asset Management on acquisition of EUR 90m real estate portfolio
26th November 2021 Schoenherr advised Slate Asset Management, a global alternative investment platform focused on real estate, on the acquisition of a portfolio of essential real estate assets in Austria and Slovakia for approximately EUR 90m.Schoenherr advises Liechtenstein Group on EUR 40m investment in Tesvolt
24th November 2021 Schoenherr advised the Liechtenstein Group on its investment in Tesvolt GmbH, a technology leader for energy storage in the commercial and industrial sector.Schoenherr advises Aquila Part Prod Com on successful IPO worth EUR 74m
19th November 2021 Schoenherr Romania advised Aquila Part Prod Com on the successful completion of an initial public offering ("IPO") for the sale of some 66.6m new shares, for a total price of approx. EUR 74m.Schoenherr to strengthen leadership across Austria and CEE by appointing new equity and contract partners
5th November 2021 Schoenherr will substantially strengthen its leadership by appointing new equity and contract partners across Austria and CEE effective 1 February 2022.Schoenherr advises Sendinblue on acquisition of Metrilo
22nd October 2021 Schoenherr advised the leading French-based all-in-one digital marketing platform Sendinblue SAS on the acquisition of Metrilo OOD ("Metrilo"), a Bulgarian e-commerce metrics company, from its founders and several investors such as Speedinvest II International GmbH, LAUNCHub Fund Coöperatief U.A. and Eleven Capital AD. The advising team in Schoenherr's Bulgarian office advised on all major legal aspects of the transaction, including due diligence and negotiation of transaction documents.Schoenherr advises Nice & Green S.A. on innovative convertible notes funding programme with Marinomed Biotech AG
18th October 2021 Schoenherr advised Swiss investment firm Nice & Green S.A. on an innovative convertible notes funding programme (CNFP) with Vienna Stock Exchange listed Marinomed Biotech AG.Schoenherr advises Joint Lead Managers on issue of EUR 250m covered bank bonds by Kommunalkredit Austria AG
6th October 2021 Schoenherr advised the Joint Lead Managers on the successful issue of EUR 250m 0.01 % covered bank bonds due 2028 by Kommunalkredit Austria AG.Schoenherr advises ZECH Bau Austria on acquisition of Implenia’s building construction business
28th September 2021 Schoenherr advised ZECH Bau Austria GmbH, a German owner-managed construction company, on the acquisition of Implenia Baugesellschaft mbH's building construction business in Austria by virtue of an asset deal. The closing of the transaction is currently subject to merger control clearance.Schoenherr advises P&I on the acquisition of 100 % of shares in VRZ
22nd September 2021 Schoenherr advised P&I Personal & Informatik GmbH on the acquisition of 100 % of the shares in VRZ Informatik Gesellschaft mbH (Dornbirn) and its sister company ThinkCreateAct AG (Switzerland). The transaction is currently subject to the condition precedent of regulatory clearance. With the acquisition of the VRZ Group, P&I AG is expanding its presence in Austria and Switzerland.Schoenherr advises on top Bulgarian dental distributor transaction involving Abris Capital Partners
17th September 2021 Schoenherr advised the owner and CEO of Dentatechnica EOOD, the largest distributor of dental equipment and consumables in Bulgaria, on a transaction with Dentotal (Romania), a subsidiary of Abris Capital Partners. Subject to competition authorities' approval, Dentatechnica will become part of Dentotal Group with the aim of creating a regional leader through organic growth and further consolidation of local markets in Romania and Bulgaria.Schoenherr advises Wienerberger AG on the successful placement of 2.5 million treasury shares through accelerated bookbuilding
8th September 2021 Schoenherr advised Vienna Stock Exchange listed Wienerberger AG, a leading international supplier of building materials and infrastructure solutions, on the EUR 81.25m placement of treasury shares with institutional investors.Austria/CEE: Schoenherr advises UNIQA on the acquisition of AXA subsidiaries in CEE for EUR 1bln
31st March 2020 Once again, Schoenherr has advised on a billion-euro transaction in the CEE region: An international Schoenherr team assisted UNIQA on the acquisition of AXA subsidiaries in the Czech Republic, Poland and Slovakia for a purchase price of around EUR 1bln.Austria/CEE: Schoenherr further strengthens leadership with promotions
31st March 2020 Schoenherr is strengthening the ranks of equity partner, contract partner and counsel with new promotions effective as of 1 February 2020. With Pawel Halwa and Thomas Kulnigg, Schoenherr promotes two longstanding Schoenherr experts to equity partners. Constantin Benes, Leon Kopecký, Günther Leissler, Laurenz Schwitzer, Manuela Zimmermann, Georgiana Bădescu, Mădălina Neagu and Miloš Laković are promoted to contract partners, and at counsel level, Dominik Hofmarcher and Clemens Rainer have moved up in the ranks.Legal Developments
European Court of Human Rights: Employers have limited rights to monitor employee communications at
26th September 2017A landmark decision was issued yesterday (Judgement Bărbulescu v. Romania), a source of debate in the media, in which the European Court of Human Rights clarified the restrictions on monitoring employees in the workplace.
Potential Hurdle for Acquisitions in Hungary by Non-EU and Non-EEA Investors
22nd September 2017The Hungarian Ministry of the Interior recently submitted a legislative proposal to the Hungarian Government to amend the Act on Hungarian National Security Services (the "Proposal"). The Proposal suggests an amendment pursuant to which investors from non-EU and non-EEA countries who wish to invest in Hungary would have to obtain prior permission from the minister responsible for national security (the " Minister.
If adopted, investors from outside the EU and EEA would need to apply and obtain such permission if they intend to acquire more than a 25 % interest in an existing or yet to be established company with its registered seat in Hungary, provided that this company pursues activities that are deemed sensitive for national security.
EU: High-Level Expert Group on Sustainable Finance delivers early recommendations
11th August 2017
On 13 July 2017, the High-Level Expert Group ("HLEG") on Sustainable Finance published its interim report ("Interim Report") setting out concrete steps to create a financial system that supports sustainable investments.
This Legal Insight is part of our dedicated newsletter series on the European Capital Markets Union ("CMU").
Background
The growing awareness of environmental challenges and sustainability risks as well as the adoption of the UN 2030 Agenda and the conclusion of the Paris Climate Agreement by the EU in 2015 call for an EU strategy on sustainable finance.
Establishing an EU strategy on sustainable finance is a priority action of the CMU. In December 2016, the HLEG was established to advise on the development of such an EU strategy. The recently published HLEG Interim Report was recently presented in a public hearing on sustainable finance on 18 July 2017. At the same time, the HLEG presented an online questionnaire on the Interim Report aimed at obtaining targeted feedback until 20 September 2017, which would be reflected in the final report of the HLEG scheduled for publication by the end of 2017.
Serbian Competition Authority Steps Up Antritrust Enforcement
11th August 2017
The Serbian Commission for Protection of Competition (the "Commission") recently intensified its antitrust activities before the new Administrative Act came into effect. In one week alone the Commission initiated four antitrust cases and conducted two dawn raids.
1. What/who will be on the Commission's radar?
First Annual Privacy Shield Review to take place in September 2017
11th August 2017One of the core principles of the EU-US Privacy Shield ("Privacy Shield") is its Joint Review mechanism, which obliges the European Commission, the US Department of Commerce and the Federal Trade Commission to jointly review the functioning of the Privacy Shield on an annual basis, together with its national security and law enforcement aspects. The very first Joint Review is scheduled for September 2017. This first review is considered especially important, as it will be the first opportunity for US and EU regulators to closely analyse the operation of the Privacy Shield, address possible concerns about its functioning, and seek to ensure that the Privacy Shield continues to be a valid legal basis for transfers of personal data from the EU to the US.
Hungary: Are Interim Measures Hard to Enforce?
21st July 2017The Hungarian Parliament recently passed new legislation on arbitration (Act LX of 2017 on Arbitration, the “2017 Act”) that will reform Hungarian arbitration law as of 1 January 2018.
The 2017 Act, considering both the shortcomings of the current Hungarian legislation (Act LXXI of 1994 on Arbitration, the “1994 Act”) and the amendment of the UNCITRAL Model Law on International Commercial Arbitration adopted in 2006 (the “Model Law”), repositions arbitration by reforming the choice of arbitrators, the institutional system of Hungarian arbitration panels, and the power of the panels ordering interim measures and preliminary orders. read more...
EU: Council Introduces Action Plan for NPLs
21st July 2017On 10 July 2017, the Commission announced the public consultation on the development of secondary markets for non-performing loans (NPLs) and distressed assets. Following the commencement of this public consultation, the Council introduced its Action Plan for NPLs.
Bulgaria: Remedies imposed on fuel companies following cartel investigations
21st July 2017For the second time in less than five years, the Bulgarian Commission for the Protection of Competition ("Commission") has opened investigation proceedings regarding prohibited agreements and concerted practices against the major fuel companies in Bulgaria and closed them without issuing penalties.
Austria: Avoid Expensive Mistakes As Startup Employer
14th July 2017As violations may lead to enormous liabilities, start-up employers are advised from the outset to comply with the applicable laws pertaining to their personnel. In addition to being an underestimated factor when it comes to financial liabilities, employment-law-related mistakes may also result in difficulties in the course of a company's sales process. For a better understanding of what can go wrong in employment relationships, three of the most common mistakes that employers make are listed below. read more...
Renewable Energy: Amendment of the Austrian Green Electricity Act Doubles Funding
14th July 2017After four months of negotiations, the Austrian National Council has finally reached an agreement on the amendment of the Green Electricity Act ("Ökostromnovelle"). The required two-thirds majority was reached by a last minute agreement between the coalition parties and the Green Party. The aim of the new legislation is to increase the percentage of green electricity and to achieve an expansion of renewable energy in Austria. read more...
Austria: Slightly Lower Fees, a Little More Liberalisation – The 2017 Amendments to the Austrian Tra
14th July 2017Following a year of intense political discussion, the Austrian Parliament adopted numerous amendments to the Austrian Trade Act 1994 (Gewerbeordnung 1994, "GewO") at the end of June. While the reform falls significantly short of the outgoing government's original announcements last July with the aim to liberalise market access and to cut red tape for businesses, it nevertheless introduces several material changes to business activity in Austria. read more...
Recast of the EU Regulation on Insolvency Law Applicable as of Today
14th July 2017The EU Regulation on Insolvency Law 1346/2000 (EIR) was considered a milestone in the cross-border coordination of national insolvency proceedings. The recast of the EU Regulation on Insolvency Law 2015/848, applicable to insolvency proceedings opened after 26 June 2017, considers substantial developments in national insolvency laws. read more...
Lessons Learned over Three Years: Amendment of the Hungarian Trust Regulation
14th July 2017The Hungarian Parliament passed an act in June 2017 with the aim of improving Hungary's business competitiveness. Among other things, the amendment has changed the regulation of trusts and their management, hopefully for the better, since the past three years have shown that a lack of such experience still exists. The legal concept of trust was introduced into Hungarian law in 2014, when the new Civil Code entered into force. Contrary to expectations, however, potential market players were hesitant to launch their businesses, mainly due to crippling bureaucracy and the vague regulation of trusts. read more...
Austria: Major Changes in Personal Bankruptcy Law
11th July 2017On 28 June 2017 the Austrian Parliament passed the government's legislative proposal on insolvency law (Insolvenzrechtsänderungsesetz 2017). After lengthy negotiations, the government finally agreed to shorten personal insolvency proceedings to a maximum five years and to abolish the minimum insolvency quota of 10 % under certain conditions. The amendments will be applicable as of 1 November 2017. read more...
Significant Amendments to the Romanian Competition Rules – What’s New?
5th July 2017The newly adopted Government Emergency Ordinance No. 39/2017 (the "Ordinance") introduces significant changes to Romanian competition rules. For example, it implements the provisions on actions for damages resulting from competition law infringements, as regulated under Directive 2014/104/EU (the "Damages Directive") and sets out new provisions impacting the food/non-food retail sector, as well as the dawn-raid procedure and fines applicable by the Romanian Competition Council (the "RCC") to non-resident undertakings. read more...
The Austrian Law on the Responsibility of Associations: New tendency to prosecution authorities to t
21st June 2017The Austrian Law on the Responsibility of Associations (Verbandsverantwortlichkeitsgesetz, "VbVG") came into effect in 2006, stipulating that a company can be held criminally liable for certain criminal acts committed by its employees and decision-makers. According to new tendencies of prosecution authorities, the practical scope of the VbVG could expand in the future. read more...
Croatia: Lex Agrokor – Government Intervention at the Eleventh Hour
31st May 2017Lex Agrokor – behind the scenes
The hottest topic in Croatia right now is the Agrokor situation and the newly enacted Act on Compulsory Administration Procedure in Companies of Systemic Importance for the Republic of Croatia (Zakon o postupku izvanredne uprave u trgovačkim društvima od sistemskog značaja za Republiku Hrvatsku; the "Act"). The Act was immediately nicknamed "Lex Agrokor" because of what appears to be its main purpose.
ECB Publishes Practical Fit and Proper Assessments Guide for Board Members of Credit Institutions
22nd May 2017On 15 May 2017, the European Central Bank ("ECB") published a guide on fit and proper assessments (the "Fit and Proper Guide"), which reflects the result of a public consolidation launched by the ECB on 16 November 2016.
Austria: Draft Data Protection Amendment Act 2018 in Appraisal
22nd May 2017National Room for Manoeuvre Despite the GDPR
About a year before the General Data Protection Regulation (GDPR) comes into full effect, the Austrian legislator officially started a six-week consultation process for the national Data Protection Amendment Act 2018 (Datenschutz-Anpassungsgesetz 2018). The GDPR will harmonise the EU's data protection laws, but numerous so-called "opening clauses" allow national leeway. Besides, EU Directive 2016/680 requires implementation into national law and provides specific regulations on data processing by security authorities for the purpose of law enforcement. The published draft implements the Directive's provisions in a separate chapter (Hauptstück). read more...
European Commission Proposes EMIR Reform that will Minimise the Clearing Obligation for NFC and Cert
16th May 2017On 4 May 2017, the European Commission published its proposal for an amendment of the European Market Infrastructure Regulation (EMIR). The Commission calls the proposed amendment a good example of "better regulation in practice" which is "essential to the creation of the Capital Markets Union (CMU)".
Hungary: New Arbitration Legislation?
2nd May 2017The Ministry of Justice has circulated its initiative for improving the legal environment with the aim of increasing Hungary's competitiveness by amending certain regulations and institutions. Among other things, the initiative concerns cross-border mergers and operation of trustees, and generally aims to lighten administrative burdens. Most notably, if adopted in its current form, it will reform the Hungarian arbitration regulation. read more...
Significant amendments to Austrian Competition Law – Part I (Overview)
7th April 2017On 6 April 2017, the Austrian Parliament adopted significant amendments to Austrian competition law, as set forth in the Austrian Cartel Act ("KartG") and the Act on the Austrian Federal Competition Authority ("WettbG"). The amendments concern three main areas: (i) implementation of the EU Damages Directive; (ii) introduction of an additional transaction value test in merger control; and (iii) certain adjustments to strengthen public enforcement of antitrust infringements. read more...
ECJ Allows Prohibition of Headscarves at Workplace
7th April 2017Employers may prohibit their employees from wearing Islamic headscarves and other religious or political symbols, subject to certain conditions. On 14 March 2017, the European Court of Justice (the "ECJ") adopted a corresponding ruling in Luxembourg and decided on two cases in this respect, one dealing with a receptionist from Belgium and the other with a software designer from France. read more...
Slovenia Adopts New State Aid Legislation
7th April 2017Slovenia adopted a new law regulating rescue and restructuring state aid, which entered into force in mid-February. When notified to the European Commission as a state aid scheme, it will allow the Republic of Slovenia to support companies and cooperatives in difficulty without having to notify support mechanisms in accordance with the provisions of the law as an individual aid measure to the European Commission. read more...
Individual Tax Rulings Now Possible in Moldova – And They’re Binding!
30th March 2017What previously was impossible and not foreseen by local legislation is now possible. Starting 1 January 2017, the Tax Code of Moldova (the "Tax Code") was amended by Law 281/2016 to include a separate norm (Art. 136¹) on individual tax rulings ("ITR") for the benefit of entrepreneurs. Within the limits of its scope and in respect of a concrete beneficiary, an issued ITR is binding on the State Tax Service (the "STS"). The Government and the Ministry of Finance are expected to approve the secondary legislation to regulate the details of the procedure. read more...
Bulgaria: Opening the gas market for foreign traders!
20th March 2017Most recently, the Bulgarian Energy Regulator has taken significant steps towards the full liberalisation of the natural gas market: In December 2016, the Bulgarian Energy Regulator adopted legislative amendments to the Rules for Trading of Natural Gas (Правила за търговия с природен газ, "Trading Rules") and the Rules for Access to the Gas Transmission and/or Gas Distribution Networks and the Natural Gas Storage Facilities (Правила за предоставяне на достъп до газопреносните и/или газоразпределителните мрежи и за достъп до съоръженията за съхранение на природен газ, "Access Rules"). Moreover, it adopted new Rules for Balancing of the Natural Gas Market (Правила за балансиране на пазара за природен газ, "Balancing Rules"). read more...
Hungary: Registration Fees for Company Establishment Abolished
20th March 2017In an aim to simplify state administration and support economic growth, the Hungarian Parliament adopted a new law abolishing the registration fee and the publication cost for incorporating limited liability companies ("LLC") (korlátolt felelősségű társaság), limited partnerships (betéti társaság), general partnerships (közkereseti társaság), and sole entrepreneurships (egyéni cég). The new law becomes effective on 16 March 2017. read more...
New regulation on unit-linked life insurance in Hungary
20th March 2017Policyholders of unit-linked life insurance products pay an agreed sum for the unit-linked insurance to the insurance company, as a regular premium, or in one lump sum. These payments cover the life insurance component as well as the investment, administrative costs, contracting fee and the commissions. The "total cost charged" ("TCC") is an indicator – calculated in line with the rules of Hungarian insurance regulations – showing all costs charged on life insurance policies having a savings element, reflected as a percentage value. The regulation of the TCC in Hungary has been amended effective 1 January 2017.
When Arbitration Meets Insolvency in Montenegro – Can They Coexist?
20th March 2017Even at first blush, it is apparent that arbitration and insolvency make strange bedfellows.
The reason they make such an odd couple is the different underlying policies, objectives, and purposes they stand for. The heart of arbitration lies at the privity of contract and the existence of party autonomy independent from the state. In contrast, insolvency reflects a centralized and to a certain extent state-managed procedure that holds all creditors equal, within a set system of ranking – a transparent and accountable process governed by mandatory substantive and procedural law provisions. read more...
Hungary: Increase of Minimum Sale Price May Affect Retail NPL Transactions?
20th March 2017On 7 March 2017, the Hungarian parliament adopted a law that increases the minimum sale price of a residential property in the enforcement procedure from the current 70% of its market value to 100% (market value to be understood as the price set by the appraisal of the bailiff), provided that (i) the claim to be enforced stems from a consumer contract; (ii) the real property is the debtor's only real property; and (iii) the debtor resided in that real property for at least six months prior to the initiation of the enforcement procedure. read more...
Legislative vacuum filled: Czech Republic introduces comprehensive new national legislation on e-cig
9th March 2017New legislation regulating e-cigarettes in the Czech Republic entered into force on 1 March 2017, introducing specific safety and quality requirements on e-cigarettes in the country for the first time. read more...
Bulgaria: Amendment to the pricing and reimbursements process for pharmaceuticals
6th March 2017The amendment aims at alleviating the existing regime for pricing of pharmaceuticals for home treatment of chronic, genetic and/or rare diseases and paid by the National Health Insurance Fund (NHIF). It affects the interests of individuals with health insurance and the activities of more than 290 authorisation holders, of the wholesalers of pharmaceuticals, and of pharmacies (as retailers). read more...
Boost your Start-Up with an Advisory Board – Points to consider
27th February 2017Most start-ups are founded by first-time founders directly after graduation, with the founding team consisting, also in most cases, of not more than two members. Such founders are naturally not equipped for all of their business challenges. Founders thus often make mistakes, especially at the very beginning of their activities, e.g. in relation to developing and distributing their products, when and how to raise capital and developing or moving into new markets. read more...
The EU Capital Markets Union – Recent developments on Venture Capital
27th February 2017On 16 December 2016, the Council of the European Union announced agreement on its negotiating stance in relation to the proposed regulation amending the European Venture Capital Funds ("EuVECA") Regulation (Regulation (EU) No 345/2013) and the European Social Entrepreneurship Funds ("EuSEF") Regulation (Regulation (EU) No 346/2013), which is now at the European Parliament's ECON committee, scheduled to be voted on, on 22 March 2017. On 31 January 2017 the call for expression of interest for selecting a fund manager of the Pan-European Venture Capital Fund-of Funds closed; and tax incentives for venture capital and business angels are expected to be proposed in the course of 2017 to foster investment in SMEs and start-ups, close the funding gap and thereby remove obstacles to economic growth in Europe. read more...
Austria: Hospital Consolidation – a Driver of M&A Activity
27th February 20172016 has seen a surprising level of deal activity in the (private) Austrian hospital sector: in Vienna, PremiQaMed, a 100 % subsidiary of UNIQA insurance group, acquired a 75 % stake in the renowned private hospital "Goldenes Kreuz", and the hospitals Hartmannspital and St. Elisabeth announced a merger to form the new "Franziskus" hospital. In Linz (Upper Austria), the "Elisabethinen" and the hospital operated by the Sisters of Charity agreed to combine to form a regional player with approx. 1,200 beds. read more...
Albania: Finally on track for a comprehensive support scheme for renewable energy?
22nd February 2017Current status
Albania has one of the highest percentages of electricity produced from renewable energy sources (RES) in its electricity mix – more than 95 % of electricity generated in Albania comes from hydropower generation. In spite of that (or maybe because of that), Albania has not had a comprehensive policy on the support of RES in place to date. read more...
No Smoking: After a long battle in Parliament, the Czech Republic finally adopts smoking ban
17th February 2017One last hurdle – the signature of Czech President Miloš Zeman –before the so called Anti-Smoking Bill enters into force on 31 May 2017.
On 19 January 2017, the Senate of the Parliament of the Czech Republic approved the government bill of the Act on Protection from the Harmful Effects of Addictive Substances (the "Bill"), which is due to enter into force on 31 May 2017, subject to signature by the President. read more...
Facilitation or Liability Trap for Foreign Employers? – The Revised Austrian Law against Wage and So
3rd February 2017On 1 January 2017, the revised Austrian Law against Wage and Social Dumping ("Lohn- und Sozialdumping Bekämpfungsgesetz" or "Revised LSD-BG") came into force. The Revised LSD-BG applies to matters arising after 31 December 2016.
Austria: Court rules on rights in environmental impact assessment
23rd January 2017If there are two or more conflicting water use projects (eg, hydroelectric power stations), the Water Act provides for a special conflict procedure. A pending conflict procedure suspends decisions in all underlying approval procedures. As a result of the conflict procedure, the project which serves public interests best will take priority over the inferior project. read more...
2016 brought some substantial changes in Austria’s Criminal Law provisions – A Review
17th January 2017In 2016, Austrian Criminal Law experienced some substantive legal developments in both, procedural and material aspects. The following overview reflects the most relevant developments in Austrian Criminal Law in 2016.
1. Material changes
1.1. Breach of trust
With effect from 1 January 2016, the offence "breach of trust" in sec 153 of the Austrian Criminal Code ("ACC") has been fundamentally revised. At first glance, sec 153 of the ACC is not a very complex provision. It states, quite simply, that whoever knowingly abuses the authority conferred to him or her shall be liable, if he or she intends to cause and eventually causes financial harm to his or her principal (eg the company). Thus, sec 153 ACC has three prerequisites: (i) an abuse of authority, (ii) financial harm and (iii) criminal intent. With the reform of sec 153 ACC the Austrian legislator finally addressed the concern that the scope of what constitutes an "abuse of authority" is not always easy to assess: read more
Austrian Supreme Court Establishes New Standards as Regards the Decisive Underlying Reasoning of Arb
3rd January 2017The decisive underlying reasoning ( motifs, Begründung) is, without doubt, an essential part of any arbitral award and as such bears the potential of frustrating parties and arbitrators alike. On the one hand, elaborate reasoning in arbitral awards more often than not comes at the price of long waiting periods for the issuance of the awards, and periods of meticulous drafting on the part of the arbitrator(s). On the other hand, a lack of elaborate reasoning may likewise be a headache, since it exposes the arbitral award to setting aside. read more...
The Czech Republic joins other European countries in regulating the sale and advertising of unhealth
19th December 2016From January 2017, selling and/or advertising chips, soft drinks or mayonnaise-filled sandwiches to children in schools will be illegal.
The Constitutional Court of Moldova has spoken: No Need for Acquirer of a Share Stake to Obtain Shar
6th December 2016Through its 27 September 2016 decision ("Decision 27/2016"), the Constitutional Court of Moldova ("Constitutional Court") has declared certain provisions of the local Law on Limited-Liability Companies ("Law 135/2007") unconstitutional. In particular, it ruled that the operation of amendments to constitutive acts cannot constitute a condition and impediment to an acquirer registering its property right over a share stake in the State Register of Companies. read more...
European Commission releases “Clean Energy Package”
6th December 2016On 30 November 2016 the European Commission published its "Winter Package" containing proposals for new rules for a consumer-centered clean energy transition. The 500 page Winter Package had been eagerly awaited by the energy industry since it was to contain the major energy regulations for 2020 onwards. As expected, the most substantial measures and amendments proposed concern renewables and energy efficiency in the European Union. In addition, the electricity market design is proposed to be amended. read more...
Protection of new and interim financings in restructuring? – The European Commission’s proposal on e
2nd December 2016Since the European Commission adopted the recommendation on restructuring and second chance in 2014, it has been working on the evaluation of its initiative and the introduction of a European legal framework. In 2015 the Capital Markets Union Action Plan included the announcement of a legislative initiative on early restructuring and second chance. Finally, on 22 November 2016, the European Commission published its proposal for a European Directive on preventive restructuring frameworks and a second chance for entrepreneurs. The proposal includes, inter alia, provisions protecting new and interim financing in restructurings. read more...
Austria: Upcoming ban on speculative financial transactions for public bodies
22nd November 2016 The Austrian Federal Government agreed in its 2013-2018 work programme, on the implementation of a nationwide ban on speculative financial transactions for the Federation, the Austrian Federal States, Austrian Municipalities, and other public bodies. read more...The EU Capital Market Union – European Commission establishes expert group to develop strategy on su
16th November 2016On 28 October 2016, the European Commission decided to establish a High Level Expert Group on sustainable finance, one of the European Commission's primary objectives within the EU Capital Markets Union ("CMU").
This Legal Insight is the first part of our dedicated newsletter series on the CMU. We will provide regular updates on CMU-related topics.
Slovenia: Do companies have the right to be heard during a dawn raid?
16th November 2016The Slovenian courts were recently asked to rule on companies' right to be heard during unannounced investigations (so-called 'dawn raids') by the Competition Protection Agency. read more...
Romania: New rules on labelling products that use frozen food in the preparation process
11th November 2016As of 20 October 2016, new legal provisions are in place in Romania setting out how consumers should be informed of products that use frozen foods in their preparation. In this respect, the consumer protection authority enacted Order 183/2016 ("Order 183") published in the Official Gazette on 20 September 2016. read more...
Legal Briefings
Hungary – discouraging litigation?
Since 2018, Hungary has a new act on civil court procedures (Act CXXX of 2017 – the Act) which has brought about significant reforms after 50 years. The reforms were aimed at healing previous shortcomings, such as lengthy and tedious procedures, and making court cases concise, yet professional in quite a tight structure. As almost …