The Deal: On April 25, 2018, CEE Legal Matters reported that Clifford Chance had advised Czech Media Invest on its acquisition of Lagardere’s sale of its radio businesses in the Czech Republic, Slovakia, and Romania. Herbert Smith Freehills and Wolf Theiss advised Lagardere on the deal.
Internet traders, who have not yet managed to recover fully from the effects of the GPDR on their activities, are already facing another regulation likely to have a significant impact on technical solutions used in the operation of Internet businesses. In March 2018, Regulation (EU) 2018/302 (the “Regulation”) was adopted, the purpose of which is to solve so-called “unjustified geo-blocking” by removing certain obstacles to the operation of the internal market and by preventing discrimination based on nationality, place of residence, or place of establishment in cross-border online transactions.
Start-Ups represent a unique subset of clients for major law firms, as they are often unable to pay the fees those firms generally require, but – particularly in the tech sector – hold out the potential of significant profitability down the road. Intrigued by the unique challenges and opportunities for law firms offering their services to these cash-poor but potential-high clients, we invited partners from four prominent law firms in the Czech Republic and Slovakia to share their strategies and experiences with Start-ups with us in the offices of Kocian Solc Balastik in Prague. KSB Partner Christian Blatchford moderated the conversation.
I started my legal career back in 1993 as a student clerk, and over the past 25 years I have literally grown up with the firm. I’ve had the pleasure of advising clients during some of the most exciting periods in Czech history – from the “Wild Wild East” of the nineties, to EU accession, through the global financial crisis and recovery.
It has been more than four years since new legislation revolutionizing Czech private law came into effect, mainly through the adoption of a new Civil Code. Among the most affected industries was real estate, traditionally a very strong investment sector on the Czech market. How has life been since this revolution?
Things are pretty calm on the legislative front in the Czech Republic at the moment, says JSK Partner Tomas Dolezil, and nothing big is expected for the next few months either. "But next year,” he says, "the new government needs to prepare a number of legislative proposals. For instance, the Ministry of Finance is working on a reform of the Czech Capital Market.” According to Dolezil, “a concept is being discussed and produced, and is now waiting for some political guidance or discretion, and on this basis we expected legislative changes to be proposed next year. Among others it is expected that the changes will affect the Private Equity/ Venture Capital sector.”
On May 25, 2018, the General Data Protection Regulation finally came into effect, imposing new requirements on organizations within the European Union and on those outside the EU that offer goods or services to EU data subjects or monitor their behavior. To learn more about the state of readiness in one such country, we spoke to Schoenherr attorney and Data Protection specialist Eva Bajakova in Prague.
The GDPR comes into effect on May 25, 2018. Since data processing concerns a wide range of activities, very few companies or entrepreneurs will be unaffected. Numerous articles and discussions have been posted about the GDPR in the media, some of which contain false or misleading information and therefore give rise to concern, especially considering the possibility of high penalties. Failure to adopt national implementing legislation does not help the situation either. In this article we would like to highlight some of this misleading information and explain the inaccuracies.