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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 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.

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.

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.

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.

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.

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").

Harrisons, Maric & Co, Lambadarios, and Wolf Theiss, working with Linklaters, have advised a banking consortium led by UniCredit Bank London on the United Group's EUR 1.7 billion issuance of four tranches of senior secured and PIK notes as well as on the increase and extension of its EUR 410 million revolving credit facility. Selih & Partnerji, working with Paul Weiss, advised the United Group. Schoenherr, Koutalidis, De Brauw Blackstone Westbroek, and Elvinger Hoss Prussen reportedly advised the United Group as well.

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.

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