In 2010, France’s Agence Nationale de Sécurité du Médicament published the results of tests of breast implants produced by the French company PIP and banned their use, due to an increasing number of reports of incidents related to impaired implant integrity and subsequent health-related complications.
Guest Editorial: The Ever-Changing Legal Market
Everybody talks about the speed at which life moves in our globalized world. And the Austrian legal market isn’t evolving more slowly – so keep up the pace!
Upcoming Legal Changes Affecting the Real Estate Sector
Market Spotlight - Hungary
Recent Changes in the Stock Exchange Regulation
On December 27, 2019, several amendments made to the Hungarian capital markets act by the Hungarian Parliament to adhere to the relevant rules of the European Union be-came effective, also making it easier for Hungarian companies to issue bonds under the Bond Funding for Growth Scheme (BGS) by introducing more lenient information and publication rules for issuances.
The Banks of the Danube: An Interview with Gergely Szaloki of Schoenherr Budapest
The Banking sector in Hungary has been doing well in recent years. Schoenherr Budapest Local Partner Gergely Szaloki walks us through that progress.
Tapping Capital: Sources of and Problems with Financing in the Hungarian Market
The Hungarian financial market finished 2019 in a strong position. Intrigued by what many have described as a “special” year, CEE Legal Matters sat down with several of the nation’s leading Banking/Finance lawyers at Lakatos, Koves & Partners’ offices in Budapest to learn more.
New Foreign Investments Screening Rules in Poland
On 22 May 2020 the Government of Poland published a proposal for a new law on the screening of foreign investments in Poland. The new screening tool aims to protect public security, order and health during the COVID-19 pandemic, and will introduce a new notification obligation for investments into Polish companies.
The Buzz in Slovenia: Interview with Marko Frantar of Schoenherr
“Quite a lot, really —it’s like watching a movie on fast forward,” says Schoenherr Attorney at Law Marko Frantar, from Ljubljana, when asked what’s happening in Slovenia during the COVID-19 epidemic. “As elsewhere, we've been seeing a level of state intervention that is unprecedented in terms of both range and magnitude of measures adopted — all compressed into a period of two months."
Czech Republic: Changes in Real Estate Law from 1 July 2020
An amendment to the Civil Code will enter into force on 1 July 2020, which (i) cancels (save for some exceptions) the pre-emption right of co-owners of real estate, (ii) lifts the ban on contractual penalties against tenants of residential premises, and (iii) significantly changes the legal regulation of unit owners associations.
Schoenherr Advises Invester United Benefits on Sale of Wohngarten Project to ZBI Zentral Boden Immobilien Gruppe
Schoenherr has advised Invester United Benefits on the sale of the Wohngarten residential construction project in Vienna to ZBI Zentral Boden Immobilien Gruppe. Wolf Theiss advised the buyers on the deal, which is expected to close by the end of June 2020.
Record Fine of HUF 2.5 Billion (EUR 7 Million) on Booking.com for Unfair Commercial Practices in Hungary
The Hungarian Competition Authority (HCA) has imposed a record fine on Booking.com for committing unfair commercial practices by misleadingly advertising certain hotel rooms with "free cancellation", as well as for pressure selling. The authority has also banned the company from applying these practices as of 2021.
Bulgaria: Tracking Mobile Devices and Data Protection - Where Do We Draw the Line?
Over the last few weeks, the search for effective measures to stop the spread of COVID-19 has been the number one priority of affected countries. So far, there is no unified approach. A noteworthy trend is the increased awareness of the potential of data, which is sometimes even referred to as the "new oil". This potential is more than ever being used for key decision-making, e.g. in the development of medicines or vaccines, when assessing whether anti-epidemic measures are effective, in which countries travel restrictions should be imposed, in which public places access should be restricted, etc.
Distressed M&A and Selected Czech Law Specifics
As the COVID-19 pandemic keeps reshaping the M&A environment across Europe with only deals at the late stage proceeding further, we may also expect the advent – albeit slow and gradual – of distressed M&A in the Czech Republic as businesses fall into financing difficulties. Some businesses will strip off non-core assets, while others will end up in bankruptcy. In each case, this instability presents a wide array of options for strategic investors.
Schoenherr, Fellner Wratzfeld & Partner, and Cerha Hempel Advise on TSA's Sale of Shares to Voith and PCS Holding
Schoenherr advised Voith and Fellner Wratzfeld & Partner advised PCS on their acquisition of 59% of the shares of Traktionssysteme Austria GmbH. Cerha Hempel advised the selling shareholders on the deal, which remains subject to regulatory approval.
Hungary Update: Upcoming Amendments to the Competition Act
The focus today is on the COVID-19 world epidemic, and the special legal orders implemented by the affected countries. While Hungary has also adopted numerous extraordinary and temporary measures in this respect, attention must also be drawn to legislative developments which are not related to the coronavirus. The Parliament has recently adopted a new act which amends the Hungarian Competition Act ("Competition Act") and brings numerous changes to Hungarian competition law.
Czech Constitutional Court Upholds Act on Significant Market Power but Declares 3% Limit on Marketing Payments Unconstitutional
The Czech Constitutional Court did not repeal the Act on Significant Market Power, as demanded by a group of senators almost four years ago. However, the judges stated that the provision on limiting the amount of suppliers’ payments to customers with significant market power to 3% of the supplier's annual sales, is unconstitutional.
CMS Advises PZ Cussons on Sale of LUKSJA Cosmetics
CMS has advised PZ Cussons on the sale of LUKSJA, a Polish personal care cosmetics brand present in several CEE and former CIS countries, to the Sarantis Group.
Restrictions Across CEE/SEE Countries Affecting the Real Estate Sector
In response to the coronavirus outbreak, most CEE/SEE countries have introduced provisions to close certain premises, while only some have banned the termination of leases in order to protect tenants who have lost revenues.