22
Thu, Oct
64 New Articles

The Law on Amendments to the Energy Act entered into force on 14 August 2020. It encompasses a set of changes aiming to simplify the existing procedures and to promote the development of the Montenegrin energy sector, especially in the context of the pending alignment of Montenegrin laws with the EU's acquis, as required under the negotiation chapter no. 15.

In addition to the classic tasks of a competition authority, the Hungarian Competition Authority ("HCA") is also entitled to take action against unfair commercial practices against consumers if such practices are capable of significantly affecting competition. Following the first market study in the field of consumer protection in 2019 relating to the application of digital comparison tools (DCTs), the HCA did not hesitate to apply its findings in practice. In early 2020 it imposed a record fine on Booking.com BV for unfair commercial practices of misleadingly advertising certain hotel rooms with "free cancellation" and engaging in pressure selling. This is now followed by a decision establishing unfair practices of the biggest local market player, Szallas.hu, a main competitor of Booking.com. However, this time no fine was imposed.

As of 11 October 2020 the EU FDI Screening Regulation is in force, ending the long wait for a Union framework to screen foreign direct investments. The umbrella spanned by the EU FDI Regulation is a further (crucial) building block in the EU's endeavors to tighten and coordinate the screening of foreign direct investments.

Schoenherr's Czech office has advised KB SmartSolutions, s.r.o. on the acquisition of an almost 25% stake in Platebni Instituce Roger a.s, from Echilon Capital s.r.o. BPV Braun Partners advised Echilon Capital on the transaction, and Setina, Komendova & Partners advised Platebni Instituce Roger's CEO Adam Soukal and CTO Tomas Slobodnik.

Eisenberger & Herzog, Milbank, and Rojs, Peljhan, Prelesnik & Partners have advised the Sartorius Group on its acquisition of BIA Separations and the merger of is into its subgroup Sartorius Stedim Biotech. Schoenherr advised the unidentified majority shareholder on the sale.

By virtue of Government Decree 408/2020 (VIII.30.), Hungary closed its borders to non-Hungarian citizens as of 1 September 2020. The new rules abolish the tricolour system of green, yellow and red countries we reported on earlier, qualifying literally all countries as red.

Laszlo Krupl, Attorney at Law and Head of the Real Estate Practice in Hungary at Schoenherr, on the status of the Hungarian Real Estate Market in a COVID-19 world.

Schoenherr has advised Austrian fintech Bitpanda on a European Series A financing round, led by Valar Ventures, and including other fintech investors such as Speedinvest. The funding secures USD 52 million to further drive Bitpanda's expansion.

The screening of foreign direct investments (FDIs) has been a hot topic for some time now across CEE. Several jurisdictions have adopted stricter measures of scrutiny allowing for the vetting of transactions potentially posing security risks.

CMS has advised ACWA Power, Blackrock, and Crescent Capital on their sale of ACWA Power CF Karad PV Park and NOMAC Bulgaria, which operate the 60 MWp Karadzhalovo photovoltaic plant in Bulgaria, to Enery Development GmbH. Schoenherr advised the buyer on the deal.

Schoenherr at a Glance

Schoenherr is a leading full-service law firm providing local and international companies stellar advice that is straight to the point. With 15 offices and 4 country desks Schoenherr has a firm footprint in Central and Eastern Europe. Our lawyers are recognised leaders in their specialised areas and have a track record of getting deals done with a can-do, solution-oriented approach. Quality, flexibility, innovation and practical problem-solving in complex commercial mandates are at the core of our philosophy.

Firm's website: www.schoenherr.eu