Komercijalna Banka’s Shares on Sale

The Republic of Serbia is yet to officially announce the sale of its share (41.7%) in Komercijalna banka a.d. The target is the second largest bank in Serbia with approximately 11% of the market share. The value of the transaction is unknown but shares of Komercijalna banka are currently under high demand on the Serbian Stock Exchange at a price of approximately EUR 17 per share.

At Least Half of the Largest Slovenian Bank to be Sold by the End of 2018

On August 10, 2018, the European Commission issued a new decision in the case of the state aid to Nova Ljubljanska banka ("NLB"), setting a new deadline for the privatisation of the bank and adjusting the catalogue of compensatory measures. In accordance with the new decision, Slovenia is obligated to sell at least 50% plus one share of NLB by the end of 2018 and to further reduce its shareholding to the target share of 25% plus one share by the end of 2019. NLB's shares will be sold in an initial public offering ("IPO") on the Ljubljana and London Stock Exchange. The timetable of the sale will…

Greece Adopts the Long-awaited Law Implementing the 4th EU Anti-Money Laundering Directive

Greek Law 4557/2018, published on 30 July 2018, implements Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. Highlights of the new law include: a number of modifications relating to the areas of risk based approach; ongoing monitoring; beneficial ownership; customer due diligence; and politically exposed persons. To learn more, please download the summary of these main features, prepared by SEE Legal’s Greek member KG Law Firm.

Proposal of the Financial Instruments Market Act approved by the Slovenian Government

On 26 July 2018, the Slovenian Government approved the proposal of the Financial Instruments Market Act, as well as the amendments to the Act on Alternative Investment Fund Managers and the Law on Investment Funds and Management Companies, which are closely related in substance to the first law. The main purpose of the Financial Instruments Market Act is to transpose the Markets in Financial Instruments Directive (MiFID II) into Slovene legislation. The proposal regulates, inter alia, the rights of investors, liabilities of investment firms and supervisory institutions. The detailed rules and…

KG Law Firm Advises on Financing of Wind Farms in Greece

Kyriakides Georgopoulos Law Firm acted as a joint Greek legal advisor to European Investment Bank and to Alpha Bank A.E. on financing of two wind parks in northern Greece. The financing was structured on a limited recourse project finance basis by means of a long-term facility in the form of a hybrid bond loan governed by the Greek Bond Law No. 3156/2003 and German law, along with relevant Greek law security documents for each Project Company. The European Investment Bank's loan is backed by the EU budget guarantee of the European Fund for Strategic Investments, the financial instrument of the…

BOYANOV & Co. Advised Vivacom

BOYANOV & Co.’s finance team, led by Partner Damian Simeonov and Senior Associate Ralitsa Nedkova and Freshfields’ Vienna-based English law finance team, led by Blair Day advised Vivacom, a leading Bulgarian telecommunications business, on the successful refinancing of its EUR 400m senior secured notes. The refinancing involved EUR 345m of debt from a syndicate of more than a dozen financial institutions, granted on more favourable terms. For more information, please see the press release of Vivacom by clicking here.

Implementation of PSD II – New Rules for Performance of Payment Services in Slovenia

With the PSD II implementation date catching us in mid-January 2018, on 25 January 2018, the Slovenian National Assembly adopted the new Payment Services, Services of Issuing Electronic Money and Payment Systems Act (“PSA”). The PSA is implementing the Second Payment Services Directive (PSD II) into Slovenian legislation and will enter into force on 22 February 2018. The PSA establishes a comprehensive set of rules applicable to payment services in Slovenia, all aiming to: increase the safety of payment transactions and payment services; increase consumer safety; and promote…