In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. With managing firm clients being a critical aspect of firms’ operations, we asked: What are the three most important elements when onboarding a new client?

In export-import trade transactions across Europe, sellers commonly protect their assets by retaining the title of ownership until the buyer has paid the full purchase price. Retention of title allows sellers to reclaim the assets in case of non-payment or the buyer’s bankruptcy before full payment. However, in Hungary, such an arrangement can present unexpected challenges for sellers.

Wolf Theiss has advised Digi Tavkozlesi es Szolgaltato Kft. on acquiring Direct One from Canal+ Luxembourg S.ar.l. CMS advised the seller.

Wolf Theiss has advised the 4iG Group and its telecommunications portfolio manager Antenna Hungaria Plc. on their acquisition of a 100% stake in PR-Telecom Tavkozlesi Zrt.

New regulations governing agreements to complete a job (in Czech: dohoda o provedení práce) came into effect in the Czech Republic on 1 July 2024, with additional provisions set to be implemented on 1 January 2025. These amendments significantly modify the original provisions outlined in the Czech Consolidation Package (Act No. 349/2023 Coll.).

Wolf Theiss has advised the principal shareholder of Ara Cursus on the formation of a tri-partite joint venture with Suez and the Eiffel Investment Group. Bird & Bird reportedly advised Suez. BWW Law Firm reportedly advised the Eiffel Investment Group.

Investment funds in the Czech Republic are regulated by the Czech Investment Companies and Investment Funds Act (ZISIF) and by local implementing regulations (governmental decrees and decrees of the Czech National Bank – CNB).

On July 17, 2024, Wolf Theiss announced that Altor’s acquisition of an 80% stake in Kommunalkredit Austria (as reported by CEE Legal Matters on February 10, 2023) is closed.

Wolf Theiss, working with Simpson Thacher & Bartlett, Gorrissen Federspiel, and Hengeler Mueller, has advised Software AG on the carve-out and sale of its Super Integration Platform as a Service business to IBM. Binder Groesswang, working with Cravath, Swaine & Moore, advised IBM.

Wolf Theiss, working with Ropes & Gray, has advised American Industrial Partners on its investment in Austin Powder. Jones Day reportedly advised Austin Powder.

RTPR has advised Vectr Holdings on the indirect acquisition of the company that owns The Landmark office building in Bucharest from funds managed by Revetas Capital and affiliates of Cerberus Capital Management. Wolf Theiss advised Revetas Capital and Cerberus.

Last week was full of exciting news in relation to AI in Romania. First, the long-awaited AI Act was published in the EU’s Official Journal on 12 July, becoming Regulation (EU) 2024/1689. The AI Act is an essential part of the EU’s extensive digital strategy, alongside the Digital Services Act and the Digital Markets Act. The EU digital strategy aims to establish a thorough regulatory framework that tackles the diverse challenges and opportunities of the digital economy. Secondly, the Romanian Government approved the National Strategy regarding Artificial Intelligence (“AI Strategy”) on 11 July. The AI Strategy aims to contribute to Romania’s adoption of digital technologies in the economy and society, while respecting human rights and promoting excellence and trust in AI.

Wolf Theiss has advised the owners of Kecskemeti Konzerv on the sale of the company to Granit Group's subsidiary Agrar-Finance. Jalsovszky advised Granit Group.

The announcements made by the Hungarian Government on 8 July 2024 envisage a number of new and higher payment obligations, as well as other public taxes and restrictions, that will include a defence contribution, increased administrative fines, extra profit tax, changes to social contribution tax on entering the labour market, transaction and currency exchange levies

Wolf Theiss has advised Bob W on its entry into the Austrian market via a long-term lease agreement with Viennese developer Peter Pilz & Partner Projektentwicklungs, reportedly advised by Puschner Spernbauer Rosenauer.

On 5 June 2024, the Czech government introduced a proposal to the Czech Parliament that brings fundamental changes to fleet insurance in the Czech Republic. This proposal provides additional obligations on fleet policyholders. Please see the details below.

Wolf Theiss, working with Wiersholm, has advised the Schibsted group on the separation of its business into two companies – Schibsted Media and Schibsted Marketplaces.

The Act on Restrictive Measures (OG No. 133/2023, the “Act“) entered into force on 15 November 2023 (with the application of certain main provisions as of 15 May 2024). The Act establishes more effective due diligence and reporting procedures and mechanisms, which will enable the Republic of Croatia to implement new and more complex sanctions regimes from the European Union and United Nations.