On 26 January 2023, the Resolution of the Cabinet of Ministers of Ukraine "On Amendments to the Procedure for Investigation and Recording of Accidents, Occupational Diseases and Industrial Accidents" No. 59, dated 20 January 2023, (the "Resolution") came into effect. The Resolution, among other things, establishes the procedure for the timely and thorough investigation of workplace accidents caused by the military aggression of the russian federation against Ukraine.
Hungary: New Trends in Investigations and Case Law on Medicinal Product Promotion
A new trend is emerging in the National Institute of Pharmacy and Nutrition’s (OGYEI) recent case law on medicinal product promotion in Hungary. The OGYEI is more active, imposes higher fines, and its investigations extend to longer time periods and to a variety of promotional practices of pharma companies, instead of focusing on specific infringements as before. In numbers, the OGYEI published two to three times as many decisions annually in the past two years than before. Further, the imposed fines regularly exceed USD 75,000 and, in 2022, the OGYEI imposed its highest fine (approximately USD 100,000) in the last ten years.
Paksoy Advises Groupe Cahors on Acquisition of Schneider Electric’s Transformer Plant in Turkey
Paksoy, working with Willkie Farr & Gallagher, has advised Groupe Cahors on its acquisition of Schneider Electric companies that operate transformer plants in Turkey and Poland. Baker McKenzie Turkish affiliate Esin Attorney Partnership reportedly advised the sellers. Volt Associes and Kinstellar Turkish affiliate Gen Temizer Ozer reportedly advised the lenders.
Ukraine: Government Approves New Procedure for Military Registration of Conscripts, Persons Liable for Military Service and Reservists
On 5 January 2023, the "Procedure for Organisation and Maintenance of Military Registration of Conscripts, Persons Liable for Military Service and Reservists," approved by the Resolution of the Cabinet of Ministers of Ukraine No. 1487 dated 30 December 2022 ("Procedure"), came into effect. The Procedure establishes changes regarding the military registration of Ukrainians, including new obligations for employers.
Turkiye Announces Procedures and Principles on Execution of Real Estate Sales Transactions by Public Notaries
The Law on the Amendment of the Law on Judges and Prosecutors and Certain Laws (“Law“) published in the Official Gazette dated 28 June 2022 and numbered 31880 made significant amendments to Notary Public Law No. 1512 and enabled public notaries to execute real estate sales contracts.
Clifford Chance and Baker McKenzie Advise on Paged Group Refinancing
Clifford Chance has advised ING Bank Slaski, Bank Gospodarstwa Krajowego, and Alior Bank on a sustainability-linked corporate refinancing for the Paged Group. Baker McKenzie advised the borrowers.
Closing: Stellantis Acquisition of aiMotive Now Closed
On December 27, 2022, Dentons announced that aiMotive's sale to Stellantis (as reported by CEE Legal Matters on November 30, 2022) had closed.
Closing: Accenture Acquisition of ARZ Now Closed
On December 28, 2022, Baker McKenzie announced that Accenture’s takeover of ARZ Allgemeines Rechenzentrum (reported by CEE Legal Matters on June 10, 2022) had closed.
Guest Editorial: Aiming Higher
“We aim above the mark to hit the mark.” – Ralph Waldo Emmerson. Choosing a profession is always a pivotal point in everyone’s life. Once we set our minds and find our path, we try to dedicate all our energy and effort to making the best of it. The 21st century, however, has already left a mark on all our careers with its constant demand for adapting to new needs, circumstances, and business and work climates.
Greenberg Traurig and Baker McKenzie Advise on Polsat Plus Group's Corporate Bond Issuance
Greenberg Traurig has advised the Polsat Plus Group on its PLN 2.67 billion issuance of sustainability-linked bonds according to the ICMA standard. Baker McKenzie advised the banks.
Baker McKenzie Advises IFC on Channeling EU Funds To Restore War-Damaged Residential Buildings in Ukraine
The Kyiv office of Baker McKenzie has advised the International Finance Corporation on channeling up to EUR 25 million in EU funds to help Ukrainian homeowners' associations restore war-damaged residential buildings.
Ukraine: New Law Obliges Employers to Prevent Mobbing of Employees
On 11 December 2022, Law No.2759-IX of Ukraine "On Amendments to Certain Legislative Acts of Ukraine on Preventing and Countering Mobbing (Hostile Environment)" dated 16 November 2022 (Law) came into effect. Among other things, the Law: (i) provides the definition of "mobbing"; (ii) introduces new grounds for dismissal of employees in connection with mobbing; and (iii) guarantees compensation of moral damages for employees who have suffered from mobbing.
Baker McKenzie Advises Polindus-Laktopol on Bielsk Podlaski Production Plant Acquisition
Baker McKenzie has advised the Polindus-Laktopol Capital Group on its acquisition of a production plant in Bielsk Podlaski from the bankruptcy trustee of the Bielmlek Dairy Cooperative. Sole practitioner Kazimierz Mordaszewski reportedly advised the bankruptcy trustee.
Simon Morgan Joins Esin Attorney Partnership
Former Moscow-based Baker McKenzie Partner Simon Morgan has joined the Banking & Finance department of Baker Turkish affiliate Esin Attorney Partnership.
Closing: MOL, Lotos, and Orlen Petrol Station Transactions Now Closed
On December 1, 2022, SMM Legal announced that MOL's acquisition of Lotos Paliwa (reported by CEE Legal Matters on February 2, 2022) had closed. Subsequently, Baker McKenzie announced that Orlen Unipetrol's acquisition of Hungarian petrol stations from MOL (reported by CEE Legal Matters on February 1, 2022) had closed as well.
Significant Tax Amendments Made by Law No. 7420
Law No. 7420 has made significant amendments related to tax legislation. These amendments cover: the introduction of a new tax treatment on capital reduction, a time extension for conversion to a currency-protected deposit account, an extension of the deadline for the tax benefits granted to individual participation investors (angel investors), income tax exemption for the portion of the meal costs paid in cash to employees that do not exceed TRY 51, and amendments to the tourism share rates.
Closing: Wirtualna Polska’s Acquisition of Szallas Group Now Closed
On November 30, 2022, the BLS-CEE Law Firm announced that Wirtualna Polska’s acquisition of the Szallas Group from Portfolion Capital Partners and private individuals (reported by CEE Legal Matters on September 16, 2022) had closed.
CBRT’s Guidelines on Payment Services
The Central Bank of the Republic of Türkiye published the Guidelines on Correlating Business Models in the Field of Payments with Payment Service Types (“Guidelines”).
The Guidelines provide detailed explanations as to how payment services regulated under the Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions (the “Law”) and the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers (the “Regulation”) can be correlated with the business models in the field of payments, in order to ensure compliance with the regulations and uniformity in operating licenses to be granted by the CBRT for authorizations. You can access the Guidelines here.