Capital Markets

Legislative Reforms in North Macedonia: Aligning Capital Market Laws with EU Standards

The spring of 2024 marked a pivotal shift in the Macedonian financial market, with significant reforms on the horizon. As of March 2024, the related legislative framework has come under intense scrutiny, aiming to align more closely with European directives and capital market regulations. This effort has culminated in the adoption of the new Law on Financial Instruments (LFI) and the Law on Prospectus and Transparency Obligations of Securities Issuers (LPTOSI). The primary objective of these reforms is to enhance market efficiency and strengthen the stability of the financial system.

What Is Hindering the Growth of the Digital Asset Market in Serbia – Regulation or Fear of Uncertainty?

Excitement was high when, just over three years ago, the Law on Digital Assets came into effect, positioning Serbia as a pioneer among countries recognizing the development opportunities of advanced technologies that lacked a regulatory framework to reach their full potential. This was followed by a protracted period of enacting secondary legislation, alongside global macroeconomic turbulence, which inevitably impacted the development of industries and markets, especially those that are “young” and insufficiently mature. Despite the enthusiasm and efforts of the local Web3 community and advocates for using digital assets as a tool to boost the national economy, these hurdles appear to have significantly slowed the anticipated growth.

Wolf Theiss and DLA Piper Advise on UBM Development's Exchange Offer and Issuance of EUR 93 Million Green Bond

Wolf Theiss has advised joint lead managers and bookrunners Raiffeisen Bank International and M.M.Warburg & Co on the exchange offer of bonds issued by UBM Development in 2019 and 2021 and on the subsequent cash subscription offer of the EUR 93 million 7% green bond 2024-2029. DLA Piper advised UBM Development.

CK Legal Advises PragmaGO on EUR 5 Million D1EUR Bonds Issuance

CK Legal Chabasiewicz Kowalska has advised PragmaGO on its EUR 5 million D1EUR bonds issuance with a 30.13% subscription reduction.

Bernitsas Advises on PPC’s EUR 600 Million Senior Notes Issuance

Bernitsas has advised the joint global coordinators, joint physical bookrunners, and joint bookrunners on Public Power Corporation's EUR 600 million issuance and offering of 4.625% senior notes due 2031 and listing the notes on the Global Exchange Market of Euronext Dublin.

Schoenherr Announces 12 New Partners in Latest Promotion Round

Schoenherr has promoted Vienna-based Stefanie Aichhorn-Woess, Alfred Amann, Johannes Frank, Ayla Ilicali, Christoph Jirak, Sara Khalil, Sebastian Lukic, Johannes Stalzer, and Stefanie Stegbauer, Zagreb-based Kresimira Kruslin, Warsaw-based Daniel Radwanski, and Bucharest-based Nora Olah to Partner (already announced in August this year).

Wolf Theiss Advises on Federal State of Lower Austria's EUR 500 Million Bonds Issuance

Wolf Theiss has advised joint lead managers Deutsche Bank, Hypo Noe Landesbank fur Niederoesterreich and Wien, and Raiffeisen Bank International on the Federal State of Lower Austria's issuance of EUR 500 million sustainable 3.125% bearer bonds 2024-2036. Fellner Wratzfeld & Partner reportedly advised the Federal State of Lower Austria.