Austria's healthcare system got a long-anticipated makeover. After years of small-scale adjustments, a collective amendment – the "Vereinbarungsumsetzungsgesetz 2024" ("VUG 2024" or the "reform") – has brought a new wave of changes somewhere revolutionising healthcare in Austria. The VUG 2024 refers to a comprehensive and coordinated change made to a total of 13 legal matters, which are being modified together as a unified act for a more holistic approach. This happens to be one of the biggest reforms in the healthcare sector in recent decades.
Romania: CfD Scheme for Renewables to Go Live in 2024
In March the European Commission approved a EUR 3bln (RON 15.22bln) Romanian scheme to support installations producing electricity from onshore wind and solar photovoltaic. The approval relates to an initiative launched for consultations by the Ministry of Energy in August 2023, aimed at implementing a Contracts for Difference (CfD) support mechanism for low-carbon technologies (the "CfD Scheme").
Schoenherr Advises Neoom on Customer Financing Scheme and Project Debt Financing Arranged by Solas Capital
Schoenherr has advised Austrian green technology scale-up Neoom on the structuring and implementation of its "impact invest" customer financing scheme for decentralized energy projects as well as related project debt financing arranged by Solas Capital in an amount of up to EUR 30 million.
Miklos Klenanc Joins Schoenherr To Lead Budapest M&A Practice
Miklos Klenanc – a former Attorney at Law with PwC Legal in Hungary – has joined the Budapest office of Schoenherr as a Senior Attorney at Law to lead the firm's local M&A practice.
KWKR and Dentons Advise on Software Mind Financing and Acquisition of US-Based Prosoft
KWKR, working with Lippes Mathias, has advised Software Mind on obtaining a PLN 150 million financing from BNP Paribas Bank Polska and the subsequent acquisition of US-based company Prosoft in a transaction valued at almost USD 50 million. Dentons advised the lender. Schoenherr, working with Roetzel & Andress, reportedly advised on the loan agreement as well.
Montenegro's Evolving Legal Landscape: Recent Amendments and Controversies in Games of Chance Regulation
Montenegro's Law on Games of Chance (the "Law") was enacted in 2004 and has undergone multiple amendments since. The most recent ones came into effect on 1 January 2024. The aim of the amendments, as stated by the competent authorities, is to ensure a sustainable regulatory system for organising games of chance via the internet or other telecommunication means, as well as to generate additional revenue from these activities.
Schoenherr Advises Fifth Quarter Ventures on Cosmic Strategic Investment
Moravcevic Vojnovic and partners in cooperation with Schoenherr has advised Fifth Quarter Ventures on its recent investment in Cosmic.
Schoenherr Advises MET on Purchasing 52 Hectares in Kaba
Schoenherr has advised Switzerland-based MET Group subsidiary Oberon Solar Park on its acquisition of 52 hectares of land in Kaba, eastern Hungary. Sole practitioner Zsolt Gaal reportedly advised an undisclosed agricultural entrepreneur on the sale.
Schoenherr Successful for Tehnoexport Before EU General Court
Schoenherr has successfully represented Tehnoexport in trademark cancellation proceedings before the EU Intellectual Property Office.
Herbst Kinsky and Schoenherr Advise on Swisspor Acquisition of Creaton Polska, Creaton SEE, and Creaton Steildach
Herbst Kinsky, working with Orrick, has advised the Terreal Group and its main shareholders on the antitrust aspects of the full sale of its businesses in Poland, Hungary, and Austria to Swisspor. Schoenherr advised Swisspor Holding on the acquisition.
Schoenherr Advises Alstom on Belgrade Metro Project Consulting Agreement
Moravcevic Vojnovic and Partners, in cooperation with Schoenherr, has advised Alstom Transport on the execution of a consulting agreement for the construction of the Belgrade metro.
Banking Legislative and Business Developments in Bulgaria During 2023
Following a long period of political instability, including five snap parliamentary elections in the past couple of years, as of June 2023, Bulgaria has a broad coalition government supported by a large parliamentary majority.
Real Estate Market in Bulgaria at the Beginning of 2024
It has started humbly, but 2024 is expected to be a year of interesting political developments. At a global level, there will be elections for the President of the United States and for the European Parliament. At a local level, in Bulgaria, a rotation of the government is expected, which means that, according to the preliminary agreements between the governing parties, the position of the Prime Minister will be taken by Mariya Gabriel (of the GERB party; currently at the position of Deputy Prime Minister), who will replace the current Prime Minister – Nikolay Denkov (of the We Continue the Change party) – in March. For now, it is still questionable whether this switch will trigger the termination of the mandate of some of the ministers.
2023 in the Rear-View Mirror
As 2023 comes to a close, reflections on the year reveal challenges and achievements across Romania, Bulgaria, and Ukraine. Tuca Zbarcea & Asociatii Managing Partner Gabriel Zbarcea, Schoenherr Bulgaria Local Partner Ilko Stoyanov, and Avellum Managing Partner Mykola Stetsenko share their thoughts on what kind of a year it has been.
Schoenherr Advises Hartree Partners on Energy Joint Venture with Botres Group
Schoenherr, working with Legance and Cuatrecasas, has advised Hartree Partners on its acquisition of a 50% stake in the Botres Group. CMS reportedly advised the sellers.
Successful MiCAR Licensing in Austria: FMA Publishes Roadmap for Crypto-Asset Service Providers
As the regulatory landscape for crypto-assets undergoes a significant transformation with the European Union's implementation of the Markets in Crypto-Assets Regulation (MiCAR, Regulation (EU) 2023/1114), attention turns to the preparatory steps entities must take to comply with these new standards.
Did You Know: CEE's Very Early 2024 Leaderboards
Did you know that the early 2024 deal leaderboards are already available via the Activity Rankings function of the CEELMDirect website?
Bulgarian Parliament Adopts FDI Screening Regime
Until recently, Bulgaria was one of the few remaining EU countries not to have adopted a foreign direct investment (FDI) screening regime. However, this was set to change with the introduction of a bill in late June 2023 to amend the Investment Promotion Act. This amendment implements the screening mechanism outlined in Regulation (EU) 2019/452 (the "EU FDI Screening Regulation").